The director of the Missouri Department of Insurance stated that the state’s workers’ compensation market has significantly grown since 2009, underscoring the relevance of the industry to Missouri’s economy.
Website workerscompensation.com reported that there are 334 active carriers that write workers’ compensation insurance in Missouri, up from 285 in 2009.
Director John M. Huff shared the statistics with over 1,000 participants of the 2016 Annual Issues Symposium (AIS) on May 6. The event was organized by the National Council on Compensation Council.
"Workers' compensation is a line of insurance that has a uniquely compelling impact to a state's economy," Huff said in his address. "As they recovered from the financial crisis, Missouri employers benefitted from an extremely competitive workers' compensation market. Since 2008, overall rates have decreased by 11.6 percent."
Missouri’s relatively low workers’ compensation rates could be attributed to lesser claims made, or claims had smaller payouts. The low rates greatly benefit the companies based in the region that have to purchase coverage for their employees.
It was also revealed that Missouri’s high-risk workers compensation insurance pool has reduced by 66% since its inception in 1995. The state’s high-risk pool had 3,860 policies as of 2015, versus 11,341 in 1995.
