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Pennsylvania Insurance Department Reduces Comp Rates for 2012

February 2012

A 5.7% rate decrease was approved by the Pennsylvania Department of Insurance for 2012. PA employers are expected to save approximately $160 million dollars over the next year. According to the current PA Insurance Commissioner, Mike Consedine, the 2012 rate decrease marks the first time in 3 years that the Pennsylvania Compensation Rating Bureau has filed for a rate decrease.

The 5.7% average rate decrease is a composite of all workers compensation rates and class codes in PA. Some class codes will have higher rates, while others will decrease by more than 5.7%. Pennsylvania is one of the few states throughout the country benefiting from a rate reduction in 2012. Many other states are seeing the average cost of workers compensation coverage increase this year.

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