Illinois Gov. Pat Quinn says the state’s workers’ compensation insurance rates will drop 5.5 percent next year.
Quinn announced Wednesday the cut in rates is being recommended by the National Council on Compensation Insurance, which annually reviews payments and fees and proposes new premium figures.
Illinois Department of Insurance officials are estimating the latest proposed reduction in workers’ compensation advisory and loss cost rates could result in overall reduction in premiums of up to $143 million in 2015. They say the total savings since the reforms were enacted in 2011 is expected to reach $458 million.
Illinois Manufacturers’ Association President Greg Baise is applauding the news, but says the rates must drop more to increase the state’s competitiveness.
The workers’ comp system pays health expenses for injured workers.
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