Wisconsin companies on average will pay 10.5% less in workers’ compensation insurance rates starting Oct. 1, saving businesses around the state roughly $206 million on policies over the coming year, the Wisconsin Department of Workforce Development announced with the Wisconsin Office of the Commissioner of Insurance.
The lower rates reflect Wisconsin employers’ attention to workplace safety for the benefit of workers and employers alike. The 2024 rate decrease, approved by OCI, marks the ninth year in a row workers’ compensation insurance premiums have declined in Wisconsin. The actual rates that inform premium amounts vary by employers based on factors such as injury risk exposure.
Workers’ compensation insurance rates are adjusted annually by a committee of actuaries from members of the Wisconsin Compensation Rating Bureau. This independent body examines and selects the methodology and trends that produce the proposed rate adjustment, which is then reviewed and approved by the Wisconsin Commissioner of Insurance. While the overall rate level will decrease by 10.5%, the impact to policyholders will vary based on specific circumstances.
DWD’s Workers’ Compensation Division administers the state’s workers’ compensation program through a collaboration with WCRB, OCI, the Self-Insurers Council, and the Worker’s Compensation Advisory Council, which is composed of representatives from management and labor and recommends workers’ compensation law changes. Most employers in Wisconsin are legally required to have workers’ compensation insurance policies.
