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For Immediate Release:
December 10, 2024
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Insurance Commissioner Approves Loss-Cost Reduction for 2025 Workers’ Compensation
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OKLAHOMA CITY – Commissioner Glen Mulready today announced that the Oklahoma Insurance Department (OID) has approved a 9.2 percent decrease in workers' compensation insurance loss costs for 2025. This reduction means lower premiums for many Oklahoma businesses.
Loss costs are the average cost of lost wages and medical payments of workers injured per $100 of payroll or as a percentage of payroll. Since 2011, there has been a 71 percent decrease in loss costs.
"I'm pleased to see our costs decreasing while supporting local businesses," said Commissioner Mulready. "Access to affordable workers' compensation insurance will make it easier for employers to view Oklahoma as an ideal location to operate their business."
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.
The new loss costs will go into effect for new and renewing policies effective January 1, 2025.
If you have questions about other insurance issues, please contact the Oklahoma Insurance Department at 800-522-0071 or visit our website at www.oid.ok.gov.
Media questions or comments should be directed to
Chief of Communications, Liz Heigle
Liz.Heigle@oid.ok.gov | (405) 819-2221
ABOUT OID
The Oklahoma Insurance Department, an agency of the State of Oklahoma, is responsible for the education and protection of the insurance-buying public and for oversight of the insurance industry in the state.
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