LITTLE ROCK, Ark. — Arkansas officials say the cost that a majority of Arkansas employers pay for workers’ compensation insurance is dropping because of a decrease in the number of work-related injuries over the past two years.
Gov. Asa Hutchinson on Monday announced that the workers’ compensation cost is being reduced 15.4 percent for the voluntary market and 14.9 percent for the assigned-risk pool. Insurance Commissioner Allen Kerr approved the decreases following recommendations from the National Council on Compensation Insurance, Hutchinson said.
The Insurance Department said the new costs reflect only industry averages and will have varying impacts on workers’ compensation rates when individual risk factors are applied for each business.
Hutchinson called the reduction the largest in 20 years, and called the drop good for the state’s economy.