Arkansas Insurance Commissioner Mike Pickens reported a 4.5 percent loss decrease in the state’s workers’ compensation voluntary insurance market. Workers’ comp costs have declined for eight straight years now. Over the past seven years, loss costs dropped 44.5 percent. The new loss costs will become effective July 1 for new and renewal policies. The commissioner also announced a rate decrease of 3.1 percent in the assigned risk market. The high-risk workers’ comp market has enjoyed a 33.1 percent decrease since 1993. The significant reduction in workplace injury frequency and severity, as well as the aggressive prosecution of insurance fraud are reflected in continuing workers’ comp cost reductions. While the overall changes are decreases, insured individuals may experience increases or decreases in excess of the industry average, when individual risk factors are applied.
Topics Trends Workers' Compensation
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