From staff reports OKLAHOMA CITY – The Oklahoma Insurance Department has approved a 9.2% decrease in workers’ compensation insurance loss costs for 2025. “This reduction means lower premiums for many Oklahoma businesses,” state Insurance Commissioner Glen Mulready said.
The new loss costs will go into effect for new and renewing policies effective Jan. 1, 2025.
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. Since 2011, there has been a 71% decrease in loss costs, Mulready said.
“Access to affordable workers' compensation insurance will make it easier for employers to view Oklahoma as an ideal location to operate their business,” he said.
The National Council on Compensation Insurance, a licensed rating and advisory organization, collects annual data on workers' compensation claims for the insurance industry. NCCI is authorized to make recommended loss-cost filings on behalf of workers’ compensation insurance companies in Oklahoma.