“…on-the-job injuries are down, but claims are heftier because of higher medical costs.”
(From a BostonHerald.com article) The Workers’ Compensation Rating and Inspection Bureau of Massachusetts is seeking a 4.5 percent average increase in policy premiums, effective Sept. 1.
Attorney General Martha Coakley yesterday announced her opposition to the proposed increase, saying the hike would cost small businesses and other employers more than $40 million in extra premiums.
The workers compensation bureau – a nonprofit group of insurers licensed as a rating organization by the state Division of Insurance – says on-the-job injuries are down, but claims are heftier because of higher medical costs. Rates have not risen since 2001.
The group’s request for a 2.3 percent rate increase in 2008 was hit with a lawsuit by the attorney general’s office. The legal move led to a settlement in which insurers agreed to a 1 percent rate reduction – saving businesses some $30 million, Coakley said.