Michigan's Work Comp Premium Rate Down 39% Since 2011
Thursday, October 6th, 2016 Legislation & Regulation Workers' CompensationMichigan workers and job providers continue to benefit from Michigan’s workers’ compensation system as the Department of Licensing and Regulatory Affairs (LARA) announced today that the pure premium advisory rate for workers’ compensation insurance will drop by an average of 9.3 percent in 2017. The rate has decreased 39 percent since 2011, saving Michigan employers an estimated $390 million.[1] The most recent comparison data shows that Michigan’s cumulative pure premium decrease of 32.7 percent from 2011-16 is best in the Midwest and top five in the nation. While Michigan’s rate plummeted, the national average increased 7.1 percent.[2]
External References & Further Reading
http://www.workerscompensation.com/compnewsnetwork/news/24694-decrease-in-michigan-s-work-comp-is-best-in-midwest-pure-premium-rate-decreases-39-since-2011-saving-job-providers-390-million.html
