The N.C. Insurance Commissioner approved a 3.4 percent rate decrease for workers’ compensation insurance premiums for 2015.
The rate decrease was requested by the N.C. Rate Bureau, a group representing insurance companies, the News & Observer reported. This is further proof that North Carolina’s worker’s compensation system is working as it should and is not “broken,” as big businesses and insurance companies insist when they push for changes to state laws.
Rest assured, if insurance companies were seeing an uptick in workers’ comp claims or fraudulent cases, as they so often claim in their pleas to lawmakers, they would not have requested the rate decrease.
By the insurers own actions, it is clear further workers’ compensation “reform” is not needed in North Carolina.
The workers’ comp insurance rate decrease will take effect in April, and it’s estimated that 95 percent of businesses in the state will pay less for the coverage that protects their workers in case of an injury.
In 2014, workers’ comp insurance rates rose an average of 4.2 percent.
The actual rates paid vary based on the type of business and the number of past workers’ comp claims.