Latest Oregon Premium Rate Survey Shows Illinois Work Comp Premiums by State Ranking Dropped From 8th to 22nd
The Oregon Department of Consumer and Business Services has released its bi-annual analysis of workers’ compensation premiums across the country and it is good news for Illinois.
For several years our high ranking in the Oregon Premium Rate Survey - which ranks states based on how much employers pay for workers’ comp insurance -has been used by the business community and lawmakers as a reason Illinois needs to enact further reforms in the workers’ compensation system.
However, according to the recently released 2018 Oregon Premium Rate Ranking Summary, Illinois has now moved from 8th highest in 2016 to 22nd highest in 2018, which is one of the largest drops in the country.
Illinois now ranks in the middle of the pack compared to other states – which was the goal of lawmakers when bipartisan majorities approved the last workers’ compensation overhaul back in 2011.
This substantial drop in the rankings for Illinois further illustrates that the changes made to the laws in 2011 are producing lower costs for insurers and employers – which, as we predicted, have not been passed on to employers in the form of premium reductions.
More here. Wisconsin was eighth highest, Ohio was 36th highest, Michigan was 37th highest, Massachusetts (which has a program that Gov. Rauner wanted to follow) was 38th and Indiana ranked second lowest.
Source: Capitolfax.com and the Illinois Trial Lawyers Assoc.