Pennsylvania Cuts Workers Comp Rate
Following an annual study of workers’ compensation costs by the Pennsylvania Compensation Rating Bureau, State Insurance Commissioner Teresa Miller approved a 6.21 percent average rate reduction for employers, beginning in April. While actual premium reductions will vary by employer depending on risk classification, claims experience, and other factors, the rate cut could save Pennsylvania firms about $150 million.
“More than 325 companies offer workers’ compensation insurance coverage in Pennsylvania. This means employers are able to find attractive, cost-efficient options for this vital insurance,” said Miller. This marks the sixth consecutive annual reduction in workers’ comp costs in Pennsylvania, saving companies a cumulative $604 million.