WA Rates to Skyrocket 40.5% for 2003

The Washington State Department of Labor and Industries on Friday proposed increasing industrial insurance premiums by 40.5 percent in 2003. It is the agency's first general rate increase in eight years. If adopted, the proposal will bring in an additional $371 million next year. L&I Director Gary Moore said the money is needed to bring rates more in line with the benefits, and to keep the contingency reserve at an acceptable level. The increased premiums will offset rising medical costs, a recent upsurge in claims frequency and court-ordered increases in worker benefits. In additi...