Pennsylvania comp rates decline 5.7% for 2012

HARRISBURG, Pa.—Pennsylvania employers will see a workers compensation rate decrease averaging 5.7% for 2012, the state’s Insurance Department said.

The rate decrease will result in savings for employers totaling $160 million.

“At a time when many are feeling a financial pinch and doing more with less, it is a very hopeful sign that the business community may now be able to pay less in workers compensation insurance premiums,” Pennsylvania Insurance Commissioner Mike Consedine said Thursday in a statement.

“Our workers compensation insurance system is sharply competitive, yet this marks the first time in three years that the Pennsylvania Compensation Rating Bureau has filed for a rate decrease,” he said.