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Ohio reduces comp rates another 8.6%

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The board of directors of the Ohio Bureau of Workers' Compensation has approved a proposal to reduce overall average rates for the state's private employers by 8.6% and decrease projected annual premiums by $113 million next year.

The rate reduction, which will result in an average rate for workers comp coverage of $1.07 per $100 of payroll, will take effect for the policy year beginning July 1, 2016, according to the bureau.

Ohio's private employers will be paying $463 million less annually than they were at the beginning of 2011, representing a combined 28.2% decrease, bureau Administrator/CEO Steve Buehrer said Thursday in a statement.

Average rates for private employers will have dropped by 21.5% since Dec. 31, 2010, and 29.6% for public employers, resulting in a combined premium reduction of more than $1 billion over that period, according to the bureau.

Employers also received premium rebates totaling roughly $1 billion in two out of the last three fiscal years, according to the bureau.