WCRB Recommends Seventh Consecutive Worker's Comp Premium Rate Reduction
The Wisconsin Compensation Rating Bureau (WCRB) announced on May 19 that it would recommend to the Office of the Commissioner of Insurance (OCI) an overall 8.47% decrease in worker’s compensation premium rates for the rate year that begins Oct. 1, 2022. 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 six consecutive years of falling rates: 3.19% in 2016; 8.46% in 2017; 6.03% in 2018; 8.84% in 2019; .93% in 2020; and 5.44% in 2021.
WHA President and CEO Eric Borgerding noted, “Given current workforce challenges in nearly every industry, a stable, healthy workforce is more important than ever. Wisconsin health care providers work to make sure when a worker is injured on the job, they get great health care that helps them get back to work and the activities they enjoy as soon as possible.”