NEW MEXICO (KRQE) – Workers’ compensation will cost less for employers next year. The New Mexico Office of Superintendent of Insurance reports that it has approved a 5.5% decrease in loss costs for workers’ compensation for policies renewing or issued on or after January 1, 2022.
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The office states that loss costs are decreasing for the seventh year in a row which is attributed to the continuing decrease in claim frequency. “After two years of employers facing challenges related to COVID, it was important for us to approve these cost reductions. These lower rates will help a large number of employers save money, which they can use to reinvest in their businesses,” said Superintendent of Insurance Russell Toal in the news release.
Insurance carriers use loss costs to set workers’ compensation rates. The office explains that average rate changes will vary by industry group.