In an effort to keep you informed of LARA’s (Michigan Department of Licensing and Regulatory Affairs) efforts to support business growth and job creation, while safeguarding Michigan’s citizens through a simple, fair, efficient and transparent regulatory structure, we are pleased to share the following news with you.
The Workers’ Compensation Agency (WCA) has announced the pure premium advisory rate for workers’ compensation insurance will drop by an average of 6.5 percent in 2015 and will decrease 6.3 percent annually from 2011-15. The pure premium rate will plummet 27.7 percent since 2011, saving Michigan employers an estimated $277 million. The most recent comparison data shows that Michigan’s cumulative pure premium decrease of 22.7 percent from 2011-14 is best in the Midwest and second best in the nation. While Michigan’s rate plummeted, the national average went up 10.8 percent.
Please see the below information and watch the video to learn more about how the WCA is focused on protecting injured workers and containing costs for employers. Michigan’s Workers’ Compensation System is a strategic asset to the state and provides a competitive edge in attracting and retaining businesses and growing jobs.
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