The Wisconsin Commissioner of Insurance has approved an overall 8.46% rate decrease for Worker’s Compensation (WC) premiums for business this year following a 3.19% decline last year. Some specific industries, like manufacturing, will see even greater decreases of 9.28%. This overall decrease represents a savings of nearly $170 million for employers.
“This is the second consecutive year Worker’s Compensation rates have declined in Wisconsin, reaffirming our commitment that Wisconsin is open for business,” said Governor Walker. “The magnitude of savings is a result of employers working with their employees to emphasize the importance of safety in the workplace.”
Worker’s compensation rates are adjusted yearly by a committee of actuaries from the Wisconsin Compensation Rating Bureau (WCRB). The committee studies the prior losses (claims) of hundreds of categories and professions throughout the state’s employment pool and submits a rate recommendation to the Office of the Commissioner of Insurance (OCI) who has final approval over the rates.
“Wisconsin businesses are dedicated to ensuring a safe working environment and this decrease in workers compensation rates reflects that,” said Commissioner of Insurance Ted Nickel. “These savings will allow Wisconsin businesses to continue to strengthen their ability to operate affordably and efficiently.”