Study finds New Jersey most expensive state for compPosted On: Nov. 23, 2022 9:14 AM CST
New Jersey maintained its spot as the most expensive state for purchasing workers compensation coverage in the latest biennial rate ranking by the Oregon Department of Consumer and Business Services.
And while the top half of the list included perennials such as California, New York and Hawaii, Wyoming joined the top 10 following a more than 29% increase in average costs this year.
Average premiums of $2.44 per $100 of payroll in New Jersey were 192% of the study median — $1.27 per $100 of payroll in Pennsylvania. New Jersey topped the last study, in 2020, with average costs of $2.52.
Hawaii, which ranked fifth in 2020, jumped to second place this year, with average premiums of $2.27. California rose from fourth in 2020 to third this year, with average costs of $2.26. New York dropped two spots to fourth, with average costs of $2.15. Louisiana, which ranked eighth in 2020, rounded out the top five this year, with average costs of $2.13.
Wyoming was ranked the seventh most expensive state this year with average premiums of $1.86. In 2020, it ranked 26th, with average costs of $1.44.
DCBS said the national median index rate of $1.27 per $100 of payroll marked the lowest value since it started conducting the national rate comparisons in 1986. In the first year of the study, the national median index rate was $3.18, and by 1994 it had increased to $4.35.
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