23 August 2018 Wisconsin workers' compensation insurance rates to decrease for third consecutive year The Wisconsin Department of Workforce Development announced that employers will see an overall 6.03% rate decrease in workers' compensation premiums for the rate year beginning October 1, 2018. This is the third consecutive year workers' compensation rates have declined, following an 8.46% decline in 2017, and a 3.19% decline in 2016. The latest reduction in premiums is expected to result in an annual savings of about $134 million for Wisconsin employers. Worker's compensation rates are adjusted yearly by a committee of actuaries from the Wisconsin Compensation Rating Bureau. The committee studies the prior losses (claims) of hundreds of categories and professions throughout the state's employment pool and submits a rate recommendation to the Office of the Commissioner of Insurance, which has final approval over the rates. "The Wisconsin business community has much to be proud of," Department of Workforce Development Secretary Ray Allen said. "With a record low unemployment rate of 2.8% and what is now a three-year decrease in Worker's Compensation rates, employers and employees alike are thriving. With a record number of people working right now, keeping our current employees safe and in the workforce is a major factor in keeping our labor force participation high." For more information, call the Worker's Compensation Division at +1 608 266 1340 or visit the Division's website. For more information on the development of the workers' compensation rates, see the Wisconsin Compensation Ratings Bureau's website.
Document ID: 2018-1678 | |||||||||
