On July 10, 2019, the Wisconsin Commissioner of Insurance approved an overall 8.84% rate decrease for worker’s compensation premiums for businesses, effective October 1, 2019.
This is the fourth consecutive year in which worker’s compensation rates have declined in Wisconsin, following a 6.03% decrease in 2018, an 8.46% decrease in 2017, and a 3.19% decrease in 2016. The latest reduction in premiums is expected to result in an annual savings of about $173 million for Wisconsin employers.
“Wisconsin has long been regarded as a national model for its smart, effective worker’s compensation program, and our state’s proactive approach to occupational safety and risk reduction is key to the program’s success,” Department of Workforce Development (DWD) Secretary-designee Caleb Frostman said. “Workplace safety takes strong partnerships between employers, workers, training providers and other stakeholders, and in Wisconsin, we are fortunate to have so many entities working cooperatively on this front.”
Worker’s compensation rates are adjusted annually by a committee from the Wisconsin Compensation Rating Bureau (WCRB). The committee analyzes and submits a rate recommendation to the Office of the Commissioner of Insurance (OCI) for final approval. While the overall rate will decrease by 8.84%, the impact will vary based on type of work performed.
“I am pleased to see another significant decrease in Worker’s Compensation rates going into 2020,” Wisconsin Commissioner of Insurance Mark Afable said. “The frequency of workplace injuries has been trending downward, which is a major driver of the rate reductions. This is definitely good news for Wisconsin businesses and workers.”