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Workers' Comp Rates: Deep Cuts Signal a Note of Caution

Insurance Commissioner Kevin McCarty was in a good mood. Faced with a slate of controversial homeowners' rate filings and other issues that are stacked up like planes circling Chicago's O'Hare

By Michael H. Adams | Updated on October 31, 2007

Insurance Commissioner Kevin McCarty was in a good mood. Faced with a slate of controversial homeowners’ rate filings and other issues that are stacked up like planes circling Chicago’s O’Hare airport waiting to land, he was finally faced with a piece of good news in the form of the National Council on Compensation Insurance’s relatively non-controversial call for a 16.5 percent workers’ compensation rate decrease. Setting the tone for the annual public hearing, McCarty emphasized the improvements in the industry that have succeeded far beyond what anyone could have anticipated.

Speaking of the 2003 reforms, he said, “The legislature took the courageous and necessary step to solve the problems for employers. It is significant to point out that the current filing would be a savings of $650 million for employers and would be the fifth consecutive decrease resulting in a total 50.4 percent statewide decrease since the reforms.”

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