Workers’ Compensation Rates
The political environment of each State often is reflected in how they manage workers’ compensation rates. Pro-business, pro-employer or a mix.
As such, four states have their own actuarial board that sets workers’ compensation rates and mandates that the public by insurance from them. Another eight states have their own independent rating bureaus who support a private insurance system. 38 states use the National Council of Compensation Insurance (“NCCI”) to perform the same function of establishing workers’ compensation rates.
Some states like my home one, who are all about “the science” in some areas like the pandemic, are more about politics in others. In the state that calls the Workers’ Compensation Research Institute home, the scientists requested rates to be increased 2.78%, but politically, it looked much better for their to be a 3.5% decrease.
Sure. All about the science… actuarial science?
From our friends at the Insurance Journal…
Massachusetts Approves 3.5% Workers’ Compensation Rate Decrease
The state’s insurance commissioner has approved an overall average decrease of 3.46% in workers’ compensation rates starting July 1, 2022 for Massachusetts businesses. Read more.
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The PEO Compass is a friendly convergence of professionals and friends in the PEO industry sharing insights, ideas and intelligence to make us all better.
All writers specialize in Professional Employer Organization (PEO) business services such as Workers Compensation, Mergers & Acquisitions, Data Management, Employment Practices Liability (EPLI), Cyber Liability Insurance, Health Insurance, Occupational Accident Insurance, Business Insurance, Client Company, Casualty Insurance, Disability Insurance and more.