This week, the Ohio Bureau of Workers’ Compensation (BWC) asked its board of directors to reduce private employer premium rates by 12 percent beginning July 1.
The BWC reports that, if approved, the reduction would save private employers $163.5 million over this year’s premiums.
What enables the proposed reduction is fewer workplace injury claims and slow-to-moderate growth in medical inflation according to BWC Administrator/CEO Sarah Morrison.
BWC reported 86,290 allowed claims in 2017, a near 18% drop from 2011. This is the lowest number of claims dating back to at least 1997.
The actual premium paid by individual private employers depends on a number of factors, including the expected future claims costs in their industry, their company’s recent claims history, and their participation in various BWC discount programs.
The board is scheduled to vote on the recommendation during its next regular meeting scheduled for Feb. 23. 1/25/2018