Ill. DOI Advises 0.1% Comp Rate Increase

The Illinois Division of Insurance has approved a 0.1% increase in the advisory rate for workers’ compensation insurance in Illinois for 2005—that’s one-tenth of 1 percent.

For comparison’s sake, the department said in a statement, consider that the Consumer Price Index increased 2 percent.

After adjusting for inflation, the 2005 rate actually represents a 37 percent decrease since 1990 and Illinois has more insurance companies writing workers’ compensation policies than any other state in the country, says the state’s Industrial Commission.