Workers’ Comp Costs to Decline in Arkansas

April 18, 2016

The state’s top insurance regulator has approved a decrease in workers’ compensation rates in Arkansas.

Effective July 1, the overall loss cost in the voluntary market will decline by 4.3 percent and the overall average assigned risk will decrease by 1.6 percent.

The changes were approved by Arkansas Insurance Commissioner Allen Kerr, who said the “lower rates illustrate how Arkansas remains open for business, and are a key tool we can use to attract new businesses and employment opportunities to the Natural State.”

Act 796 of 1993 is credited by most with providing the impetus for the aggressive health and safety programs which are currently in effect in many workplaces in Arkansas.

Some companies may experience increases or decreases in excess of the industry average. The new rates reflect only industry averages and will have varying impacts on workers’ comp rates when individual risk factors are applied for each business.