Today’s issue of WorkCompRecap features the Ohio BWC’s recent proposal to reduce overall rate levels for private employers in the state beginning July 1. The proposed 10.8% reduction would result in a decrease in projected annual premium of $153 million. If adopted, rates for private employers will have dropped to 21.4% lower than those in effect on January 1, 2011.
The BWC noted that the rate reduction was possible due to a number of factors, including lower expected claim frequency, as well as the upcoming adoption of a prospective billing system, which allows the BWC to lower rates in reflection of increased investment income. Also of note was that Ohio local governments have also benefited from rate reductions, and are paying nearly 20% less than in 2011.
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