Recession has not been good for the construction industry, but it’s helping to keep workers’ compensation rates down, say insurance and contractor executives. In the year that ended last June, 28 states filed for rate decreases, while nine filed for increases, says Peter Burton, senior division executive for state relations for the National Council on Compensation Insurance.
Since June, 13 states have already sought decreases, seven have filed for hikes, and one state had no change. Declining injury levels, now at an all-time low, have helped push rates down for the last 15 years, says Burton. Employer focus on safety and more workplace automation also have been key drivers.