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Workers compensation rates in Arkansas will decrease 15.4% in 2018, Gov. Asa Hutchinson said Monday.
The National Council on Compensation Insurance recommended reductions of 15.4% for the voluntary market and 14.9% for the assigned-risk pool, according to a statement from the governor.
This is the largest reduction in 20 years and with the 8.3% decrease in 2017, Arkansas’ rates have fallen nearly 25% in two years, according to the statement.
“Arkansas companies already pay the lowest premium for workers compensation insurance of any state in the country,” the governor said in a statement. “This cut in costs leaves more money in employers’ pockets, which means it is now less expensive to do business in Arkansas. This is more good news for our state’s economy.”
A majority of South Carolina employers will see an average 7% reduction in workers compensation rates, while employers in the assigned risk pool will see a 9.7% increase.