Arkansas Insurance Commissioner Allen Kerr announced a decrease in workers’ compensation rates of 4.3% in overall loss cost in the voluntary market and 1.6% overall average assigned risk, effective July 1.
Some companies may experience increases or decreases in excess of the industry average, he said. The new rates reflect only industry averages and will have varying impacts on workers’ comp rates when individual risk factors are applied for each business. The following overall industry average rate changes will go into effect July 1, 2016:
Industry Group / Loss Cost Level Changes
Manufacturing / -3.1%
Contracting / -4.5%
Office & Clerical / -6.9%
Goods & Services / -5.3%
Miscellaneous / -2.9%
OVERALL CHANGE / -4.3%
“These lower rates illustrate how Arkansas remains open for business, and are a key tool we can use to attract new businesses and employment opportunities to the Natural State. I congratulate the employers, workers, and regulators who are continually working to keep costs low and our state competitive,” Kerr said.