Ohio cuts work comp rates for private employers
Reprints
Ohio’s exclusive workers compensation insurer on Friday approved a 7.1% average rate reduction for the state’s private employers effective July 1, which marks a slowdown in rate cuts compared with recent years.
The reduction announced by the Ohio Bureau of Workers’ Compensation compares with a 13% cut for 2020 and a 20% cut in 2019 but marks the fourth consecutive annual rate reduction for employers in the state. The state has not imposed an increase since 2006, according to data from the Columbus-based agency.
“Thanks to fewer injury claims, fairly low medical inflation costs, and our strong fiscal management, we’re in a good position to reduce these rates,” said John Logue, the bureau’s interim administrator-CEO.
In January, Ohio cut workers comp rates for public employers by 10%.
Ohio is one of four states that has a monopolistic workers comp system.
