A dramatic decrease in the number of work-related injuries in the past two years will lead to a decrease in the cost that a majority of Arkansas employers will pay for workers’ compensation insurance, Governor Asa Hutchinson announced today.
The National Council on Compensation Insurance (NCCI), an insurance-rating and data-collection bureau that specializes in workers’ compensation, recommended reductions of 15.4 percent for the voluntary market and 14.9 for the assigned-risk pool. Earlier today, Insurance Commissioner Allen Kerr adopted NCCI’s recommendation.
“Arkansas companies already pay the lowest premium for workers’ compensation insurance of any state in the country,” Governor Hutchinson said. “This cut in costs leaves more money in employers’ pockets, which means it is now less expensive to do business in Arkansas. This is more good news for our state’s economy.