The workers’ compensation rates paid by most North Carolina employers will decline an average of 3.4 percent next year.
The decrease announced Thursday was approved by state Insurance Commissioner Wayne Goodwin and takes effect in April. The commissioner approved the rate requested by the N.C. Rate Bureau, which represents insurers operating in the state.
The 3.4 percent decrease is an average and will impact about 95 percent of employers, according to Insurance Department spokeswoman Kerry Wall. Rates will vary significantly based on an employers’ claims experience and the types of workers employed.
The other 5 percent of employers that have problems obtaining insurance are assigned to a pool of insurers. The rates for those companies are decreasing an average of 4.5 percent – which also is the rate requested by the Rate Bureau.
The rates paid by most employers this year rose an average of 4.2 percent.