THE VALUED VOICE

WCRB Proposes Sixth Consecutive Workers’ Comp Premium Rate Reduction

Eighth reduction in 10 years

The Wisconsin Compensation Rating Bureau (WCRB) announced on May 21 that it would recommend to the Office of the Commissioner of Insurance (OCI) an overall 5.44% decrease in worker’s compensation premium rates for the rate year that begins October 1, 2021. WCRB, an association of insurers, is a licensed rate service organization recognized in statute. OCI, which generally adopts WCRB’s proposed rates, is expected to announce its action on rates later this summer.
 
WCRB’s proposed rate reduction follows five consecutive years of falling rates: 3.19% in 2016; 8.46% in 2017; 6.03% in 2018; 8.84% in 2019; and .93% in 2020. This year’s proposed rate reduction, like recent years, is reportedly due to the frequency of injuries declining and medical costs remaining flat.
 
“Wisconsin continues to shine when it comes to the trends in workers’ compensation premiums for employers,” said Wisconsin Hospital Association President and CEO Eric Borgerding. “Not only is overall Cost of workers’ compensation insurance continuing to drop for Wisconsin businesses, when a worker is injured at one of those businesses, they get great health care and are back to work sooner.”