Energy workers across Oklahoma will want to know that a major change is coming in 2025 in workers compensation insurance costs.
Word of the 9.2% decease in workers’ compensation insurance loss costs was announced Tuesday by Insurance Commissioner Glen Mulready. This reduction means lower premiums for many Oklahoma businesses.
Loss costs are the average cost of lost wages and medical payments of workers injured per $100 of payroll or as a percentage of payroll. Since 2011, there has been a 71 percent decrease in loss costs.
“I’m pleased to see our costs decreasing while supporting local businesses,” said Commissioner Mulready. “Access to affordable workers’ compensation insurance will make it easier for employers to view Oklahoma as an ideal location to operate their business.”
The National Council on Compensation Insurance (NCCI), a licensed rating and advisory organization, collects annual data on workers’ compensation claims for the insurance industry. NCCI is authorized to make recommended loss-cost filings on behalf of workers’ compensation insurance companies in Oklahoma.
The new loss costs will go into effect for new and renewing policies effective January 1, 2025.