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The National Council on Compensation Insurance Inc. has proposed a 5.5% decrease in Illinois workers compensation advisory rates next year, Illinois Gov. Pat Quinn announced Wednesday.
The rate cut would be effective Jan. 1, 2015, if it is approved by the Illinois Department of Insurance, according to a statement issued by Gov. Quinn’s office. The decrease is expected to save Illinois businesses $143 million in workers comp premiums next year, the statement said.
“We’re pleased that the NCCI has proposed a rate reduction in Illinois for the third straight year,” insurance department Director Andrew Boron said in the statement. “The lower rate will deliver significant savings for Illinois employers.”
Illinois workers comp rates have declined more than 18% since the state enacted workers comp reforms in 2011, representing more than $450 million in premium savings for employers, the release said.
Interest rates play a notable role in the workers compensation insurance underwriting cycle, with interest rate increases driving soft comp markets and interest rate declines creating a hard market environment, according the National Council on Compensation Insurance Inc.