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Columbia, SC (CompNewsNetwork) - Scott H. Richardson, Director of the South Carolina Department of Insurance, announced today that the Department has reviewed and approved a Workers’ Compensation Voluntary Market Loss Costs and Rating Values Filing, submitted by the National Council on Compensation Insurance, Inc., allowing an overall rate decrease in workers’ compensation loss costs of 9.8%. “This is the second year a decrease has been approved,” said Director Richardson. “We are pleased to see this trend toward an improved economic climate and hope to see this continue into next year.”
In 2008, the Assigned Risk Plan, South Carolina’s residual market mechanism, accounted for approximately 3.9% of the direct written premium for workers’ compensation insurance coverage in the state. This was a decrease from 7.7 % in the previous year. “This decrease indicates that the majority of all workers’ compensation insurance coverage is being written through the voluntary market thereby demonstrating a strong marketplace,” stated Director Richardson. “There are several reasons for this trend as we have seen an increase in employer safety programs, a decrease in claim frequency and changes in the severity of claims …read more