Ohio Cuts Private Employers' Comp Rates By 5 Percent
Private employers in Ohio will see their workers' compensation premium rates drop by 5 percent as of July 1, now that board of the Ohio Bureau of Workers' Compensation has unanimously approved the reduction. This is the first premium rate decrease for Ohio's private employers since 2001 and results from "a consistent reduction of claims and lower medical costs," said BWC Administrator Marsha Ryan. "This rate reduction, along with our efforts to comprehensively improve Ohio's workers’ compensation system, provides relief for Ohio's private employers who are striving to remain competitive in a difficult economy."
The board must set the lowest possible premium rates consistent with the maintenance of a solvent state insurance fund.
BWC also said the actuarial firm Deloitte Consulting LLP will conduct a study of the effectiveness of all rate-related programs and how they interact with one another, as well as assessing BWC's financial strengths and weaknesses. The board expects the study to be complete in December 2008.