The Maine Bureau of Insurance has approved an average 9.6% decrease in workers’ compensation loss costs.
The Bureau says that means most Maine employers will pay lower workers’ compensation premiums.
State Insurance Superintendent Bob Carey says if all insurers fully adopt the decrease, Maine businesses could save roughly $27 million.
The decrease was proposed by the National Council on Compensation Insurance, the advisory rating organization for insurers that offer workers comp coverage.
The Bureau says Maine’s reduction this year is one of the largest among the 38 states that use the Council’s services.
