Wisconsin to lower comp rates againPosted On: Jul. 24, 2019 12:36 PM CST
The Wisconsin Commissioner of Insurance this month approved an overall 8.8% rate decrease for businesses starting Oct. 1.
This is the fourth consecutive year of workers comp rate reductions in Wisconsin, following decreases of 6% in 2018, 8.5% in 2017 and 3.2% in 2016. The latest reduction in premiums is expected to result in an annual savings of about $173 million for Wisconsin employers, according to a statement from the commissioner’s office.
Commissioner of Insurance Mark Afable cited a downward trend in the frequency of workplace injuries as a “major driver” of rate reductions, according to the statement.
“Wisconsin has long been regarded as a national model for its smart, effective workers compensation program, and our state's proactive approach to occupational safety and risk reduction is key to the program's success,” state Department of Workforce Development Secretary-designee Caleb Frostman said in the statement.