Washington state comp premiums set to rise in 2022
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The average price of Washington workers compensation premium rate for hours worked is set for a 3.1% increase in 2022, the Washington state Department of Labor & Industries announced on Thursday.
This is the first rate increase in five years, according to L&I Director Joel Sacks, adding “a modest hike” is needed because of the rising costs to provide comp coverage.
Mr. Sacks added the state’s contingency reserve is being used to limit the increase for employers and workers next year, keeping premiums, on average, lower than they were in 2017.
With this rate increase, the average rate per $100 of payroll in 2022 will be $1.53, a 1.4% increase over 2021, according to L&I. Individual rates for employers will vary based on recent claims history and changes in the frequency and cost of claims in their industry risk classes. Workers will continue to pay on average about a quarter of the premium, a similar percentage to that paid in 2021, L&I said.
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