Workers’ Comp Rates Decrease in Wisconsin
July 28, 2021
Wisconsin Insurance Commissioner Mark Afable has approved an overall 5.44 percent decrease in worker’s compensation insurance rates, effective Oct. 1, 2021. This is the sixth straight year of rate decreases in Wisconsin, according to the insurance commissioner’s office.
“This is great news for Wisconsin’s employers and workers,” said Commissioner Afable. “As our state recovers from the pandemic, this will help provide additional relief to our businesses who could save more than $90 million1 thanks to this decreased rate.
Worker’s compensation insurance rates are adjusted annually by a committee of actuaries from the Wisconsin Compensation Rating Bureau (WCRB). The Commissioner of Insurance has final approval over rate changes that are recommended by the WCRB.
The five major industry groups for worker’s compensation insurance in Wisconsin will all benefit from a rate decrease.
- Contracting will have a 5.35 percent decrease
- Office and Clerical will have a 4.21 percent decrease
- Goods and Services will have a 6.39 percent decrease
- Manufacturing will have a 5.53 percent decrease
- The Miscellaneous industry group will have a 4.12 percent decrease
Specific rates for classification codes may increase or decrease.
Workers’ Compensation rates are generally determined by a number of underwriting factors and will vary by state, insurance company, payroll and class codes. As always, contact your RRA agent or service team to help review your insurance program.
Source: Wisconsin Office of the Commissioner of Insurance
1 As determined by calculating 5.44% of the 2020 written premiums totaling $1,730,000,000