Wisconsin Insurance Commissioner Mark Afable has approved an overall 5.44 percent decrease in worker’s compensation insurance rates, effective Oct. 1, 2021.
This is the sixth straight year of rate decreases in Wisconsin, according to the insurance commissioner’s office.
Afable said in a media release that the decrease could result in a savings of more than $90 million for Wisconsin businesses.
Worker’s compensation insurance rates are adjusted annually by a committee of actuaries from the Wisconsin Compensation Rating Bureau (WCRB). The Commissioner of Insurance has final approval over rate changes that are recommended by the WCRB.
The five major industry groups for worker’s compensation insurance in Wisconsin will all benefit from a rate decrease.
- Contracting will have a 5.35 percent decrease;
- Office and Clerical will have a 4.21 percent decrease;
- Goods and Services will have a 6.39 percent decrease;
- Manufacturing will have a 5.53 percent decrease; and
- The Miscellaneous industry group will have a 4.12 percent decrease.
Specific rates for classification codes may increase or decrease.
Source: Wisconsin Office of the Commissioner of Insurance
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