Oklahoma Insurance Commissioner Glen Mulready announced that the state’s businesses should expect another rate decrease in workers’ compensation insurance beginning Jan. 1, 2023. The Oklahoma Insurance Department approved an annual filing with an 8.2% decrease in workers’ compensation insurance loss costs for 2023.

“We are pleased to announce another significant loss cost decrease that will help support Oklahoma workers and businesses who have struggled with inflation and economic difficulties caused by the pandemic,” Mulready said. “Through our administrative system overseen by the Workers’ Compensation Commission, the continued reform policies enacted by the governor and legislature, and our cost-efficient, competitive workers’ compensation insurance market, we continue to show employers that Oklahoma is an attractive place to do business.”

The announcement marks the 12th consecutive year that the department has approved loss cost decreases for workers’ compensation insurance. Oklahoma’s loss cost has decreased significantly from 2016 to 2021, averaging 9.5% per year.

The state’s cost decreases have exceeded countrywide decreases over the last 10 years.

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. The new loss costs will go into effect for new and renewing policies effective Jan. 1, 2023.