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Articles Tagged with Reduction

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coins-1523383_1920-300x200The Ohio Bureau of Workers’ Compensation (BWC) will cut the cost of the average premium rate for private employers by 20 percent. This is the largest single reduction in almost 60 years and follows the 12 percent reduction in premiums approved last year.

Stephanie McCloud, administrator/CEO of BWC, said, “We’re pleased to continue the trend of falling rates with a reduction that will save Ohio private employers more than $200 million next year.” These are, she said, the ninth reduction in workers compensation rates in Ohio since 2008.
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coins-1523383_1920-300x200On December 1, workers’ compensation insurance rates in Delaware will drop by up to 10%. This marks the second year in a row where rates have decreased.

The Delaware Compensation Rating Bureau (DCRB) proposed a reduction in rates of 9.9 percent for the voluntary market. However, when Delaware’s Ratepayer Advocate and the Department of Insurance reviewed the proposals, they increased the reduction slightly. For the voluntary market, rates will be reduced by an average of 10 percent.
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action-business-container-1267338-300x200The National Council on Compensation Insurance (NCCI) has proposed a 13.4 percent reduction in workers’ compensation insurance rates for employers in Florida. The proposal will be reviewed on October 17 by the Florida Office of Insurance Regulation (OIR). If approved, this reduction—which would come into effect on January 1, 2019—would be the third such reduction in rates since 2016.

“Constant improvement in loss experience is the primary driver underlying the filing,” explained the NCCI in a statement. The 13.4 percent reduction reflects a downward trend nationwide. According to the report, “the long-term decline in claim frequency has continued to more than offset moderate increases in claim severity.”
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