Arkansas workers comp rates to decreasePosted On: Apr. 17, 2015 12:00 AM CST
Arkansas employers will soon see workers compensation rate decreases in the voluntary and assigned-risk markets, the Arkansas Insurance Department said.
Arkansas Insurance Commissioner Allen Kerr announced Wednesday overall loss cost decreases of 2.1% for the voluntary market and 3% for the assigned-risk market, which will take effect July 1, according to a statement by the state insurance department.
Voluntary market costs are about 54% lower now than they were in 1996, which has resulted in “significant savings” for Arkansas employers, according to the statement.
The statement also credits the state's 1993 workers comp reform with driving employers to adopt the “aggressive health and safety programs” that have led to fewer and less severe workplace accidents.
“Employers, workers, legislators, and regulators have made great progress in providing a healthy workers compensation system, which stimulates the economy and drives down the cost of doing business in our state,” Mr. Kerr said in the statement.