Arkansas Insurance Commissioner Julie Benafield Bowman reported this week that the state has seen a decline in workers' compensation, with rates down about 52 percent since 1995.Bowman noted that despite the decline in premium rates, statewide premium volume has increased since 2001, indicating that wages and employment have also grown during this period.
She attributed the decline to the passage of a workers' comp legislative reform package in 1993, as well as better workplace standards and aggressive health and safety programs.
She attributed the decline to the passage of a workers' comp legislative reform package in 1993, as well as better workplace standards and aggressive health and safety programs.
The 52 percent drop includes this year's 12.8 percent decrease in rates, she said, adding that the drop has resulted "in millions of dollars of savings" for Arkansas employers.
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