Oregon employers are going to pay fewer dollars for workers’ compensation coverage than they did this year. The 2024 rates will average 6.7% less.
That’s the edict of the Oregon Department of Consumer and Business Services (DCBS).
The reason this is a more global story is because the reduction is the 11th straight year that the premium rate has dropped. That’s an amazing record.
The DCBS said programs that control costs, good benefits to workers that help employers carry insurance for their workers, dispute resolution and improved safety and health at the workplace are the main reasons rates keep dropping.
So, next year:
- Employers, on average, would pay 90 cents per $100 of payroll for workers’ compensation costs in 2024
- That’s down from 93 cents in 2023
- It covers workers’ compensation claims costs, assessments, and insurer profit and expenses
And here’s more and maybe the most important fact:
- The pure premium rate will drop by an average 6.7% under the proposal
- In fact, the pure premium will have declined by 49% from 2015 to 2024
Next year’s drop — says the National Council on Compensation Insurance (NCCI) — is because of an improvement in loss experience and loss development patterns in the state.
Source link: DCBS — https://bit.ly/3rf3VzF
