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.
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