Arkansas workers, employers, low rates make state welcome place for new business
LITTLE ROCK – Arkansas Insurance Commissioner Allen Kerr today released the following statement after approving a decrease in workers’ compensation cost of 15.4% in overall loss in the voluntary market and a 14.9% rate decrease in overall average assigned risk, effective July 1:
“The significant rate reduction shows that policies in Arkansas are making it a welcome place for business and new employment opportunities. It is important to also thank our state's employers and workers who mind workplace safety to keep costs low and help our state remain competitive.”
Some companies may experience increases or decreases in excess of the industry average. The new costs reflect only industry averages and will have varying impacts on workers’ comp rates when individual risk factors are applied for each business.