Workers' comp rates to increase 2.7%

Premiums for workers’ compensation insurance next year will increase for the first time in three years, the Department of Labor and Industries (L&I) has announced. The average 2.7 percent rate increase for 2014 premiums is an increase of less than two cents per hour worked.

This modest increase in rates is part of a long-term plan to ensure steady and predictable rates by benchmarking against wage inflation,” said L&I Director Joel Sacks. “It will also help to gradually rebuild the workers’ comp reserves.”

Noting that the 2011 reforms are projected to save approximately $150 million in the fis...