Arkansas Workers’ Compensation Rates Continue To Decline

                               

Little Rock, AR  (CompNewsNetwork) - Arkansas State Insurance Commissioner Julie Benafield Bowman today announced a decrease in workers' compensation rates effective July 1, 2008. Since the passage of an all-encompassing workers' compensation legislative reform package in 1993, along with the implementation of high workplace standards and aggressive health and safety programs, Arkansas has experienced a steady decline in workers' compensation costs. Including this year's 12.8% decrease, rates today are approximately 52% lower than in 1995, resulting in millions of dollars of savings for Arkansas employers.

Despite the overall decline in premium rates, statewide premium volume has grown since 2001, indicating that wages and employment have also grown during this period.

These factors, since the mid-1990s, demonstrate the importance of focusing on long-term goals and investing in communities and citizens to continue efforts to attract industry and create jobs.

Commissioner Bowman credited all constituencies including workers, employers, legislators, and regulators for this progress. She said, “State officials are committed to ongoing efforts to stimulate the economy, while driving down the cost of doing business in Arkansas.”

She went on to say, “Today, we are seeing the tangible benefits of these efforts to support and implement advanced public policy.”

“Because of these investments in a stable workers' compensation system, which is recognized as a prime economic development tool, rates are down and employers are finding Arkansas a great place for business,” Bowman said.

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