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Workers’ comp insurance rates expected to drop statewide

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Gov. Jay Nixon today announced Missouri employers should see a continued drop in workers’ compensation insurance costs.

The Missouri Department of Insurance recommends a 4.6 percent decrease in workers’ comp insurance loss costs for 2017 - which would mark the third year in a row of decreases. Each year, the nonprofit National Council on Compensation Insurance files advisory loss costs with the federal Department of Insurance, according to a news release.

This year, 225 of the 337 active workers’ comp insurers filed rate decreases, with the average decrease at 2.9 percent. With the drop in rates, there will be more savings for businesses in Missouri, and with the number of Missourians working at an all-time high, the state’s economy is trending well, according to Nixon's office.

The U.S. Bureau of Labor Statistics reported that Missouri tied for the largest significant unemployment rate decrease in the nation in November and that much of that can be attributed to 57,100 new jobs for the state in the last 12 months, according to Springfield Business Journal archives.

“We have invested in workplace safety and workforce training over the past eight years, and the result has been a decrease in business costs for job creators,” Nixon said in the release. “By supporting workers on the job and keeping these costs down, we’ve made Missouri a great place to start, locate or expand a business.”

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