NASHVILLE – The Tennessee Department of Commerce and Insurance (TDCI) announces that workers’ compensation insurance premiums are likely to decline for most Tennessee businesses in 2022 for the ninth consecutive year.
“The decline of workers’ compensation insurance premiums is an important factor in creating a pro-business atmosphere in Tennessee where companies can grow, employees can prosper and our state can continue to attract high-paying jobs,” said Gov. Bill Lee.
Since Tennessee’s workers’ compensation system reforms began in 2014, loss cost reductions of over 59% have been approved, representing substantial savings for Tennessee employers. The reduced loss costs are also impacted by Tennessee employers seeing fewer significant workplace injuries.
On Nov. 16, 2021, TDCI Commissioner Carter Lawrence approved a 5.6% overall loss cost decrease beginning March 1, 2022, on new and renewal policies. The order can be found here.
“Tennessee employers and employees have faced and overcome numerous challenges in recent years,” said Lawrence. “These reductions reflect the continued trend of safer workplaces and will mean Tennessee employers may now have more money to invest back into their businesses and employees which will help bolster Tennessee’s economy.” Insurance carriers combine the National Council on Compensation Insurance loss cost filings with company experience and expenses to develop full insurance rates.