Tennessee Workers' Comp Rates to Decrease for 12th Consecutive Year - Articles

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Tennessee Workers' Comp Rates to Decrease for 12th Consecutive Year

Posted by: Azya Thornton on Jan 24, 2025

The Tennessee Department of Commerce and Insurance (TDCI) announced that workers' compensation insurance premiums will decline for most Tennessee businesses in 2025, marking the 12th consecutive year of decreases. On Dec. 27, 2024, TDCI Commissioner Carter Lawrence signed an order approving a 3.6% overall loss cost decrease for the voluntary market, effective March 1, on new and renewal policies. This rate decrease allows carriers to blend the National Council on Compensation Insurance (NCCI) loss cost filings with company experience and expenses to set premiums for the coming year. According to a TDCI press release, Tennessee employers have seen substantial savings since the state's workers' compensation system reforms began in 2014. "Lower premiums allow business owners to have the flexibility they need to reinvest in their companies. I thank the Department of Commerce and Insurance for its work to serve Tennesseans," said Gov. Bill Lee.