Farmers Credits 10.5% Rate Reduction to Reforms

The Farmers Insurance Group on Tuesday announced a 10.5% reduction in workers' compensation rates for its Oklahoma business customers due to an "improving insurance marketplace." The decrease applies to new customers, "in-force" or existing customers and customers who renew their policies, the company said. Farmers Insurance officials said the improving marketplace is a direct result of workers' compensation reforms passed by the Oklahoma Legislature earlier this year. "The Oklahoma workers' compensation market continues to show signs of healthy improvement. These improving trend...