Farmers Notes 10.5% Workers’ Comp Reduction for Okla. Customers

The Farmers Insurance Group of Companies announced a 10.5 percent reduction in workers’ compensation rates for its Oklahoma business customers reportedly due to an improving insurance marketplace.

This 10.5 percent workers’ comp decrease applies to new customers, “in-force” or existing customers and customers who renew their policies.

Farmers Insurance officials said the improving marketplace is a direct result of workers’ comp reforms passed by the Oklahoma Legislature earlier this year.

“The Oklahoma workers’ compensation market continues to show signs of healthy improvement. These improving trends are related to the legislative reforms recently passed by our state legislature,” said Gregor Scott, Farmers’ executive director for Oklahoma. “As a result of the improving market, we are pleased to pass along these savings to our valued Oklahoma workers’ compensation customers.”

“These rate reductions are proof positive that workers’ compensation reforms enacted by the Legislature are working to bring down rates,” Scott said. “This also demonstrates that everyone wins in a healthy, vibrant insurance marketplace.”

Farmers Insurance is a major employer in Oklahoma. In addition to its 625 agents and District Managers across the state, the company also employs more than 1,800 workers in its Oklahoma claims offices and customer service facilities.