The Ohio BWC Board of Directors unanimously voted to approve a statewide premium rate cut of 13% this morning during its Board meeting. The Board vote followed a second read of the rule by the Board’s actuarial committee on Thursday, which also unanimously approved the proposed rate cut.
The rate cut will go into effect for the new policy year which begins on July, 1 2020, and it is expected to save employers across the Buckeye State more than $130 million over the fiscal year.
Thanks to investments into safety programs by employers and the Bureau, workers’ compensation claims are at historical lows. In turn, employer premiums continue to shrink since the newest rate cut is on top of a 20% rate reduction last year and 12% cut in 2018.
At the Ohio Chamber of Commerce, we believe Ohio’s workers’ compensation increases our state’s economic competitiveness, so we will continue to advocate for policies that will bolster our economy while pushing back on changes that will have a negative impact.
Find our first blog post about the proposal here.