The Tennessee Department of Commerce and Insurance (TDCI) announced that workers’ compensation insurance premiums will decline for most Tennessee businesses in 2023 for the 10th consecutive year.
“The continued insurance premium decrease benefits Tennessee’s business climate while keeping our economy strong,” said Governor Bill Lee. “By lowering premiums, business owners have the opportunity to re-invest in their company and better serve their employees, and I thank the Department of Commerce and Insurance for its work to serve Tennesseans.”
On December 14, 2022, TDCI Commissioner Carter Lawrence signed the order approving a 10.2 percent overall loss cost decrease for the voluntary market beginning March 1, 2023 on new and renewal policies. A copy of the order can be found here.
Since Tennessee’s workers’ compensation system reforms began in 2014, Tennessee employers have seen substantial savings with these loss cost reductions. Tennessee employers have also reported fewer significant workplace injuries, which have contributed to the reduction in loss costs.
“Tennessee’s workforce will benefit from these loss cost reductions because they are the result of decreases in lost-time claim frequency and more stable claims costs,” said Commissioner Lawrence.
Insurance carriers combine the National Council on Compensation Insurance loss cost filings with company experience and expenses to develop full insurance rates.