The state Department of Workforce Development said Tuesday businesses will see an overall 8.46 percent decline in worker’s compensation premiums following approval by the Office of the Commissioner of Insurance.
Premiums also declined by 3.19 percent last year. Combined, the decreases represent a $170 million savings for employers, according to the department.
Rates are adjusted annually by a committee of actuaries from the Wisconsin Compensation Rating Bureau. The committee submits a recommendation to OCI based on claims in hundreds of categories and professions in the state’s employment pool.
Wisconsin’s rates have been stable over the last 10 years with an average annual net premium change of down 0.37 percent.
DWD Secretary Ray Allen credited businesses for working the insurance carriers and risk management teams to ensure a safe work environment and working to bring individuals involved in workplace injuries back as soon as allowed.
“Wisconsin has a best-in-class workforce and it is no surprise that this commitment is manifesting itself with back-to-back rate premium rate decreases,” Allen said, also crediting a positive working relationship of the Worker’s Compensation Advisory Council, which is made up of management and labor representatives and makes recommendations on legal changes to keep up with standards and trends.
