The Maine Bureau of Insurance noted that a recent study of workers’ compensation costs shows improvement in Maine’s national ranking. A recent report covering 2006, issued by Actuarial and Technical Solutions, shows that Maine ranks 27th in both workers compensation costs and statutory wage replacement benefits (the amount of payment that is required by a particular state’s law) for manufacturing jobs.
“This is good news for Maine’s employers,” stated Acting Superintendent of Insurance Eric Cioppa. “Prior reports by this consulting firm have shown that Maine’s cost ranking in comparison to other states has continued to improve since 2002.”
According to Cioppa, reports for the years 2002, 2003, 2004 and 2005 show Maine ranking 35th, 32nd and 28th respectively (ranking for 2005 is unchanged from 2004).
Actuarial and Technical Solutions conducts these studies to compare costs of obtaining workers compensation among the states. Rankings are emphasized rather than actual costs to provide a standardized comparison of costs and benefits nationwide.
Source: Maine Bureau of Insurance
www.maine.gov/insurance
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