Workers compensation rates are continuing a downward trajectory in Louisiana, as the Department of Insurance announces a statewide rate decrease of nearly 10%. Insurance Commissioner Jim Donelon says this is good news for Louisiana businesses because it makes competing for jobs easier.

“It gives us a competitive advantage in competing for new job opportunities for our residents going forward,” Donelon said.

Donelon says rates have seen a cumulative drop of 34% over the last 10 years and 50% over the last 20 years. He says workplace safety is the biggest reason Louisiana’s workers compensation rates continue to decline.

“Ten years ago, there were 40,000 incidents of workplace injuries or illnesses related to the job, and in 2015 that was down to 26,000,” Donelon said.

Donelon says not only could this lower rate bring new businesses to Louisiana, it could also help existing companies create more jobs in the Bayou State.

“It encourages existing businesses to expand because it makes the cost of doing that expansion even cheaper,” Donelon said.