The Pennsylvania Insurance Department has approved a 5.7 percent decrease in overall workers’ compensation costs that will result in $160 million in savings for Pennsylvania employers.
Regulators said employers can expect a 5.7 percent rate decrease, on average, in 2012. However, some will see rates go up, some will see no change, and others will see rates go down beyond the 5.7 percent. This will vary according to type of business, as well as the employer’s specific claims history.
“At a time when many are feeling a financial pinch and doing more with less, it is a very hopeful sign that the business community may now be able to pay less in workers’ compensation insurance premiums,” Insurance Commissioner Mike Consedine said. “Our workers’ compensation insurance system is sharply competitive, yet this marks the first time in three years that the Pennsylvania Compensation Rating Bureau has filed for a rate decrease.”
“Pennsylvania employers are able to benefit from the outstanding job they are doing to provide safer workplaces,” said Labor & Industry Secretary Julia Hearthway. “Currently, there are 9,652 businesses enrolled in our Certified Workplace Safety Committee program, so they will receive an additional five-percent discount. More than 1.3 million people work at businesses with a certified safety committee.”
The Pennsylvania Insurance Department says businesses with a certified safety committee have realized insurance premium reductions totaling $432.8 million since the program began.
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