CAOM Reducing Pure Premium Rates 8.3% Next Year

Michigan's ratemaker said Friday it has reduced its advisory workers' compensation pure premium rate by an average of 8.3%, effective Jan. 1.Classification codes in the contracting industry will see the biggest decrease, at 14.4%, according to a circular by the Compensation Advisory Organization of Michigan. Rates for the goods and services industry will drop by an average of 8.8%, office and clerical by 8.6%, manufacturing by 7.3% and miscellaneous by 2.5%.The organization said its Data Coordination Committee and Data Collection Agency have also changed the methodology for developing ...