Washington State Reports 7 Percent Increase In Workers Comp Premiums for 2010
The Washington Department of Labor & Industries announced Nov. 30 that workers’ compensation premiums will increase by an average of 7.6% next year. Individual employers could watch their rates go up or down, depending on their recent claims history and any changes in the frequency and cost of claims in their industry.
According to Robert Malooly, assistant director for L&I’s Insurance Services Division, the agency has intensified its efforts to decrease operational costs of managing the system while protecting benefits that injured workers obtain. “We’re examining all of our costs and all of our processes to identify any potential additional savings that we can squeeze out of the system,” he said in a statement.
Over the last five years, L&I, rate changes ranged from a drop of 2% in 2007 to a 3.2% gain last year. Over the past 15 years, rates have gone up an average of 2.1% annually. Two of the biggest factors influencing next year’s rate increase are health care inflation, up 8.5%, and wage inflation, up 3.4% last year, according to the agency. (workersxzcompxzkit)
The 7.6% rate increase is an average for all Washington employers. Average premiums will rise by approximately four cents per hour worked.
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