The Farmers Insurance Group of Companies has announced a 15 percent rate reduction in workers’ compensation rates for its Texas business customers. This latest reduction comes on the heels of an earlier 20 percent workers’ comp rate cut announced last January.
Farmers has reportedly lowered its workers’ comp rates this year due to an improving insurance marketplace.
This latest 15 percent rate decrease will apply to both new and existing Farmers customers with workers’ comp insurance. It is effective on Sept. 1, 2005.
Farmers’ officials said the improving marketplace is a direct result of workers’ comp reforms passed by the Texas Legislature earlier this year and recently signed into law by Governor Rick Perry.
Farmers currently provides workers’ comp insurance to almost 1,900 businesses in Texas through its statewide network of Farmers agents.