Texas Department of Insurance Lowers Workers Compensation Insurance Rates

Texas Department of Insurance Announces New Workers Compensation RatesThe Texas Department of Insurance (TDI) recently revealed a significant update that could bring financial relief to employers across the state. On Friday, the department announced that it has approved the National Council on Compensation Insurance’s (NCCI) proposed reduction in loss costs, resulting in an average decrease of 11.5% in workers compensation insurance premiums.In an official bulletin, the TDI outlined that insurance providers are required to utilize their own independent, insurer-specific classification relativities, or they must adopt the NCCI’s loss costs when setting their rates.This reduction in loss costs is set to take effect for all new and renewing policies starting on July 1. Employers are encouraged to review their policies and consult with their insurance providers to understand how these changes might impact their premiums.