Wisconsin to Consider Lowering Workers’ Comp Insurance Rates
The new Rates Could go Into Effect Oct 1
MADISON, Wis. (AP) – Wisconsin insurance officials will soon consider a proposal to lower insurance rates for workers’ compensation.
The Wisconsin Compensation Rating Bureau has proposed decreasing workers’ compensation insurance rates by more than 8.8%, continuing a three-year trend in falling premiums.
Wisconsin Public Radio reports that the new rates could go into effect Oct. 1, upon approval from the Wisconsin Office of the Commissioner of Insurance.
Some employers say a small decline in reported injuries and illnesses has helped bring the rates down.
Wisconsin employers reported 82,400 injuries and illnesses in 2017, roughly 300 fewer than in 2016. But Wisconsin’s rate of workplace illness and injuries is still higher than the national rate of 3.1 cases per 100 full-time workers in 2017. Wisconsin saw a rate of 3.7 cases per 100 that year.