Saturday, January 12, 2008

Largest Workers’ Compensation Rate Reduction in a Decade

The Pennsylvania Compensation Rating Bureau (PCRB) has proposed a 10.22 percent average reduction in workers’ compensation policy rates for 2008, according to a Pittsburgh Business Times Article. The recommendation will go to the Pennsylvania Insurance Department for approval.

On January 19, 2007 the PCRB recommended a 2.95 percent average increase.

In 2006, the PCRB recommended an average 8.5 percent reduction, which was reported to be the biggest decrease sought since 1997.

In 2005, the PCRB recommended a 2.89 percent average reduction, which was predicted to save employers $32.5 million.

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