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New Mexico sees lower costs for worker's compensation insurance

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Russell Toal, New Mexico Superintendent of Insurance
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Courtesy photo

SANTA FE, N.M. (AP) — New Mexico insurance regulators are reducing a key component in rates for workers’ compensation coverage that should help employers spend less, starting next year.

The Superintendent of Insurance Office on Monday announced a 5.5% reduction in “loss costs” for insurance policies that are renewed or issued on or after Jan. 1, 2022. Workers’ compensation is a no-fault system of insurance aimed at protecting workers and employers financially from on-the-job accidents as well as job-related illness.

Insurance regulators said that compensation claims are being filed less frequently than in the past, reflecting a commitment to safety.