A lower workers' compensation rate in North Carolina for Carolina Mutual Insurance Inc. may lead to a little more than $3 million less in premiums.
The state approved a 10.23% decrease in Carolina Mutual's workers' compensation rate Jan. 3. It was one of seven instances in January in which states approved double-digit decreases in workers' compensation rates.According to an S&P Global Market Intelligence analysis of more than 900 rate filings, Tennessee topped the list of states approving the most rate cuts. The Volunteer State signed off on 82 rate decreases during January, which would lead to a cumulative $26.3 million in calculated premium change. Six units of Chubb Ltd. and eight units of W. R. Berkley Corp. received rate cut approvals in the state, which could lead to written premium decreases of $5.1 million and $3.8 million, respectively. Regulators in Georgia, Connecticut, and Oklahoma also approved several noteworthy rate decreases in the first month of 2017.
Travelers Cos. Inc. and its subsidiaries received 29 rate-decrease approvals in three states, which may collectively lead to a written premium decrease of $16.7 million. Those reductions stand to have the greatest impact at the SNL P&C Group level among all companies that received approval for rate cuts in January.