SANTA FE, N.M. (KAMR/KCIT) — Officials with the New Mexico Office of Superintendent of Insurance recently announced that they approved a decrease in workers’ compensation costs.

According to a news release from the office, officials approved a 5.5% decrease in loss costs for workers’ compensation for policies that are renewed, or are issued, on or after Jan. 1, 2022. Loss costs are used by insurance carriers to help set workers’ compensation rates.

This comes after the state’s “continuing decrease in claim frequency,” over the last seven years, the release states. Officials state this reflects New Mexico employers’ commitment to safety.

“After two years of employers facing challenges related to COVID, it was important for us to approve these cost reductions,” Russell Toal, the superintendent of insurance, said in the release. “These lower rates will help a large number of employers save money, which they can use to reinvest in their businesses.”