HARRISBURG: Insurance Commissioner Diane Koken today announced that that the Insurance Department has recently approved a 2.89 percent average rate reduction for workersâ€™ compensation premiums, which will save employers an additional $32.5 million in workers' compensation costs this year.
“Pennsylvania has a very competitive marketplace for workers' compensation insurance due, in large part, to our overall reforms and focus on workplace safety," Koken said. “We had seen some small rise in premiums in recent years, but I am encouraged that we are back on track."
"Workers' compensation and workplace safety are definitely moving in a positive direction in Pennsylvania," said Labor & Industry Secretary Stephen M. Schmerin. "We are approaching the $200 million dollar mark in employer premium savings through our Certified Safety Committees. L&I is committed to reducing both direct and indirect costs associated with workplace accidents through streamlined administrative and adjudication processes, coupled with increased safety awareness and premium savings."
The Pennsylvania Compensation Rating Bureau (PCRB) files workersâ€™ compensation rates with the Insurance Department. The PCRB represents more than 300 insurance companies that write workers' compensation insurance in the Commonwealth. The Department of Labor & Industry manages Pennsylvania workers' compensation system and compliance with workplace safety.
More information on saving an additional five percent on workersâ€™ compensation premiums is available online at www.state.pa.us; PA Keyword: workplace safety.
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