February 21, 2014
State approves 7.7% workers’ comp decrease
The state’s Bureau of Insurance approved a lower loss cost for workers’ compensation insurers, a move the bureau said stands to reduce premiums by 7.7%, saving employers up to $15 million.
The recommendation for the decrease came from the National Council on Compensation Insurance, which advises states on establishing a loss cost, which insurers in the state can use for guidance.
The bureau previously estimated the decrease stands to lower workers’ compensation premiums for manufacturers and contractors, which are among employers with the most on-the-job injuries, by 7.9% and 9.2%, respectively.
The new loss cost will be effective for new and renewing policies starting April 1, 2014.
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