An analysis by S&P Global Market Intelligence shows that 36 states saw workers’ compensation insurance rates drop in the first quarter of the year.
The most significant rate reduction was the 79 rate reductions in nine states, representing a combined estimated premium change of $22.3 million.
AmTrust Financial Services Inc. came in second for the biggest rate cut after receiving approval for 39 rate cuts in the first quarter for a premium change of $20.3 million, according to the analysis, released Tuesday.
Missouri Employers Mutual Insurance Co. singled out as having the largest single rate cut, a 5% reduction that took effect Jan. 1 and is expected to reduce insurance premiums by $9.7 million for approximately 13,500 new and renewing business policyholders.
According to the analysis, Georgia and South Carolina approved hundreds of rate cuts in the first quarter, with Georgia regulators approving 206 rate cuts and neighboring South Carolina allowing 314 rate cuts to take effect.
The analysis also showed that there were fewer rate increases nationwide than in the previous quarter, with the most significant rate increase in California, where SiriusPoint Ltd. increased insurance rates by 8.3% from February 24 for new and renewal business.