Workers’ comp rate to drop nearly 8%
Workers’ compensation insurance costs are expected to drop for Maine employers by an average of 7.7% this year, which would save employers insured through the commercial market a collective $15.2 million.
The Bangor Daily News reported the rate reduction was recommended in a report from the National Council on Compensation Insurance, which noted Maine employers had decreases in the frequency of on-the-job injuries, the severity of those injuries and the amount of time those injuries kept workers off the job. Peter Sighinolfi, executive director of the Maine Workers’ Compensation Board, told the newspaper the decrease would be the state’s largest since 1998.
For manufacturers and contractors, which are among the highest for on-the-job injuries, the average decrease in workers’ compensation insurance would be 7.9% and 9.2%, respectively. Sighinolfi told the paper the Maine Bureau of Insurance still needs to review the rate reduction recommendation before officially approving the decrease, but said it is almost certain to be approved.
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