Oklahoma Workers' Compensation Rates

Oklahoma workers' compensation rates decreasing in 2024.

Oklahoma has consistently ranked as one of the more expensive states for workers' compensation insurance, according to studies conducted by the OR Department of Consumer and Business Services. Oklahoma rates have recently been gaining positive ground on other states as it currently ranks 17th. The last study, conducted in 2022, indicated that average rates on studied class codes were about 11% higher than the national median rates.

Oklahoma is an NCCI state like most other states. This means that NCCI issues employers' experience modification factors and collects all data for the state including claims, class codes, premiums, and payroll. They analyze this data and make annual recommendations to carriers and to the OK Department of Insurance. Every Insurance company is required to file their rates with the state for approval each year.

Workers' compensation rates still vary for the same class codes in Oklahoma because insurance companies can apply policy credits and debits up to 25% to adjust their filed rates. More discounts may also be added to a policy depending on the size of payroll and overall claims experience.

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