NCCI Recommends 5th Consecutive WC Premium Rate Reduction
The National Council on Compensation Insurance (NCCI), an insurance industry rate making agency which provides workers’ compensation data, has issued its workers’ compensation advisory rates for 2018. It states that Illinois employers should see a 10.9 percent cut in their workers’ compensation insurance premiums in 2018 – this is the fifth consecutive rate reduction that has been recommended.
The recommended cuts since 2011 now total 36.5%. Unfortunately in Illinois, insurance companies aren’t required to follow these recommendations, so the insurance industry has pocketed this huge profit margin. Insurance profits have increased more than 400% since the 2011 benefit cuts, according to Sean Stott, Director of Governmental Affairs for the Midwest Region of the Laborers’ International Union of North America. However, legislation to lower workers’ compensation costs for employers and hold insurance companies accountable for these runaway rates sits on the Governor’s desk. If the Governor really wanted to save Illinois employers money, he would sign these bills! Citation