Pure Premium Rate Drops for 8th Year in a Row

Tuesday, October 23, 2018 | 0

Michigan’s pure premium advisory rate will decrease by 8.3% in 2019, marketing the eighth consecutive rate decrease, the Department of Licensing and Regulatory Affairs said Monday.

The pure premium rate has declined a cumulative 49% since 2011, creating $492 million in employer savings, LARA said. Gov. Rick Snyder credited reform legislation that he signed in 2011.

LARA noted that a Workers Compensation Research Institute study found that Michigan had the lowest overall cost per lost-time claim among studied states. The 2018 premium rate ranking by Oregon regulators found Michigan to rank 37th among the 50 states and the District of Columbia, with rates at 81% of the national median.