The Department of Consumer and Business Services announced the pure premium rate for workers’ compensation will increase 1.9 percent starting in 2012, the first rate hike in Oregon in more than 20 years.
The decision on the rate hike, based on a recommendation from the industry’s National Council on Compensation Insurance Inc., was driven by “Oregon’s stagnant economy,” according to consumer and business services, which said NCCI found that medical costs have been increasing faster than wages.
Oregon’s pure premium rate has not increased since 1990, and employers saw a cumulative decrease of 62.8 percent through 2011, consumer and business services stated.
Another reported factor that played into the rate hike decision was the number of workers’ compensation claims filed in Oregon, which has been leveling off after years of decline.
Was this article valuable?
Here are more articles you may enjoy.