The Arkansas Insurance Department announced a decrease in workers’ compensation rates effective July 1, 2015.
The overall loss cost decrease in the voluntary market is 2.1 percent, while the overall decrease in rates for the assigned risk is 3 percent.
Act 796 of 1993 is credited by most with providing the impetus for the aggressive health and safety programs which are currently in effect in many workplaces in Arkansas.
Despite an overall decline in premium rates, statewide premium volume has grown since the mid-1990s.
Costs today in the voluntary market are approximately 54 percent lower than in 1996, resulting in significant savings to Arkansas employers, the department said.
Since the passage of the all-encompassing workers’ compensation legislative reform in 1993, Arkansas has seen both fewer workplace accidents and fewer severe accidents.