Columbus, OH – The board of directors for the Ohio Bureau of Workers’ Compensation (BWC) recently voted for a 12 percent cut to premiums for public employers next year, giving cities, counties, schools and others the second largest rate cut in at least 30 years.
The vote means BWC will collect $21 million less from the state’s 3,900 public employer taxing districts in 2019 than it did this year.
“This reduction means public employers will have another $21 million on hand to advance their mission and their communities,” said Kevin Abrams, BWC Chief Operating Officer. “Our goal is to keep rates as low as possible, and all Ohio employers can assist in that effort by emphasizing safe workplaces and injury prevention.”
The actual premium change for individual public entities will differ based on several factors, including their employer type or classification, recent claims history and program participation.
BWC Chief Actuarial Officer Chris Carlson informed the board last month the reduction is possible due to declining claims and relatively low medical inflation costs. Combined, they make for a favorable forecast for future average claim costs.
Source: Ohio BWC