Oregon comp pure premium rates to drop 8.4% in 2020Posted On: Sep. 10, 2019 2:09 PM CST
Oregon’s pure premium rate will drop by an average 8.4% in 2020 under a proposal announced Monday by the Oregon Department of Consumer and Business.
The planned decrease means rates have declined overall by 45% between 2013 and 2020, according to the department.
Employers, on average, will pay $1.02 per $100 of payroll for workers compensation insurance, down from $1.11 in 2019, under the proposal.
The ongoing seven-year decline in costs reflects the state’s “comprehensive approach to managing the system,” including efforts by the Workers’ Compensation Division and the Oregon Occupational Safety and Health Administration, according to a statement.
The division, for example, enforces requirements that employers carry insurance for their workers, keeps medical costs under control, and helps injured workers return to work sooner and earn their pre-injury wages. At the same time, Oregon OSHA enforces on-the-job safety and health rules, identifies hazards so they can be corrected, and advises employers about how to boost worker safety and health, according to the statement.
“The steady decline in workers compensation costs is about more than just the numbers,” said Cameron Smith, director of the department, in the statement. “It demonstrates the hard work of employers, workers, insurers, and government to maintain essential worker protection programs and robust benefits for injured workers while keeping business costs low.”