Arkansas Insurance Commissioner Mike Pickens announced an overall loss increase of 1.8 percent in the State’s Workers’ Compensation voluntary insurance market. This small increase is the first for Arkansas in eight years. Until this year, Arkansas had experienced a decline totaling 44.5 percent over the past eight consecutive years. The overall rate increase for the assigned risk market is 5.5 percent. The new overall rate increases became effective July 1 for both the voluntary and assigned risk markets.
While the overall rate increases have been announced, consumers may experience increases or decreases in excess of industry average when individual risk factors are applied.
Specific changes by industry classifications include:
· Industry Average Change: Manufacturing—+3.3 percent; Contracting—2.8 percent; Office and Clerical—+0.8 percent; Goods and Services—1.6 percent; Miscellaneous—+8.7 percent; Overall 1.8 percent.
· Assigned Risk Industry Average: Manufacturing—+7.1 percent; Contracting—+.08 percent; Office and Clerical—+4.4 percent; Goods and Services—+2.0 percent; Miscellaneous—+12.7 percent; Overall—5.5 percent.
How States Rank in Injury Prevention
More Top Executives Say Bribes for Business Acceptable
Study: Drug Testing Driving Calif. Workers’ Comp Costs
Maryland’s State-Run WC Insurer IWIF to Become Private Nonprofit Co.
Saints’ Vilma Sues NFL Commissioner Goodell for Defamation
Safety Report Cites Lack of Progress in Reducing Motorcyclist Deaths
A Year after Joplin Tornadoes, $2.16B in Insurance Claims Paid
Safety Inspections Don’t Hurt Businesses; Do Lower Workers’ Comp Costs: Study
