Updated at 11:33 a.m., Tuesday, September 11, 2007
Hawaii workers' comp rates set to decline next year
Advertiser Staff
Hawai'i workers' compensation premiums may decrease by a double-digit percentage next year because of lower loss costs.The state Insurance Division said the National Council on Compensation Insurance has filed for a 16.8 percent decrease in workers' compensation loss costs based on claims filed in 2005, the last year for which complete data is available.
"Claim frequency has continued to drop due to the great efforts of Hawai'i's employers in providing a safer workplace for workers," said Insurance Commissioner J.P. Schmidt in a press statement.
Loss costs are an important part of premiums and represent the amounts paid for claims by insurers. Other components that make up premiums include general expenses, contingencies, profit, taxes, licenses and fees.
