The Bureau of Workers’ Compensation (BWC) Board of Directors gave formal approval Feb. 27 to another rate cut totaling $500 million in private employer savings under the Kasich administration.
Directors voted to approve the 10.8 percent, $153 million estimated rate reduction after an initial hearing last month and a final recommendation from the Actuarial Committee. BWC Administrator/CEO Stephen Buehrer attributed ongoing premium cuts to a several factors including lower-than-expected claim frequency and this year’s adoption of prospective billing, under which the bureau will bill in advance rather than in arrears. The switch will save employers money and free up state investment dollars for BWC.
“The environment for employers operating in Ohio is improving along with the state’s economy, and BWC is certainly part of that story,” Buehrer said. “We’ve targeted improvements that will yield positive improvements to Ohio’s workers’ compensation system, and are conducive to business growth. Lower rates, along with a focus on workplace accident prevention and care for those who are injured, all support the state’s continued economic recovery.”