Insurance Commissioner Julie Benafield Bowman announced new workers’ compensation rates, which will take effect July 1, 2005.
“I am happy to see that overall rates in the workers’ compensation market continue to reflect a moderate decrease,” Commissioner Bowman said. “The assigned risk market had the greater decrease at 2.8 percent.”
The following rates will become effective July 1, 2005, and represent “industry average” changes. It is important to note that individual businesses may see increases or decreases in excess of the industry average, when individual risk factors are applied for that particular business.
Loss Costs – Industry Average Change:
Manufacturing: -3.3%
Contracting: -4.8%
Office and Clerical: -2.8%
Goods and Services: +1.6%
Miscellaneous: +0.4%
Overall Change: -1.5%
Assigned Risk – Industry Average Change:
Manufacturing: -4.5%
Contracting: -6.0%
Office and Clerical: -4.1%
Goods and Services: +0.2%
Miscellaneous: -1.0%
Overall Change: -2.8%
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