Wisconsin Insurance Commissioner Mark Afable approved an overall 5.44% decrease in workers’ compensation insurance rates, effective Oct. 1, 2021. It’s the sixth straight year of rate decreases in Wisconsin, according to the Office of the Insurance Commissioner (OCI).
Afable said the decrease could save Wisconsin businesses more than $90 million.
Worker’s comp rates are adjusted annually by actuaries from the Wisconsin Compensation Rating Bureau. The commissioner has final approval over recommended rate changes.
The five major industry groups for workers’ comp insurance in Wisconsin will benefit from a rate decrease:
- Contracting — 5.35% decrease;
- Office and Clerical — 4.21% decrease;
- Goods and Services — 6.39% decrease;
- Manufacturing — 5.53% decrease; and
- Miscellaneous industry group — 4.12% decrease.
Specific rates for classification codes may increase or decrease.
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