Oklahoma Approves 4.8% Decrease in Workers’ Comp Loss Costs

Oklahoma Insurance Commissioner Glen Mulready announced that the Oklahoma Insurance Department (OID) has approved a 4.8% decrease in workers’ compensation insurance loss costs for 2027. This reduction means lower premiums for many Oklahoma businesses. Loss costs are an industry measure of the anticipated cost of workplace injuries, including medical treatment and lost wages. Insurers use these costs as a key factor when calculating workers’ compensation premiums, so lower loss costs can help reduce insurance expenses for Oklahoma employers. Mulready said the reduction demonstrates the “strength and stability” of the state’s workers’ compensation system. 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 and 37 other states. The new loss costs will go into effect for new and renewing policies effective January 1, 2027. Topics Trends Profit Loss Workers' Compensation Oklahoma Was this article valuable? Thank you! Please tell us what we can do to improve this article. Thank you! % of people found this article valuable. Please tell us what you liked about it. Here are more articles you may enjoy.