Wisconsin Eyes $200 Million Rate Cut Savings

Wisconsin employers will pay 10.5% less, on average, in worker’s compensation insurance rates starting Oct. 1, 2024.
The state’s Department of Workforce Development and Office of the Commissioner of Insurance said Wednesday that the cuts will save businesses around the state roughly $206 million on policies over the coming year.
The 2024 rate decrease marks the ninth consecutive year that worker’s compensation insurance premiums have declined in the state, according to a statement.
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The National Council on Compensation Insurance (NCCI) said Wednesday that in July 2025, it will begin filing loss costs, rates, and expected loss rates, or ELRs, to three decimal places for filings with effective dates of Jan. 1, 2026, and after.
NCCI said the adjustments will enable more granular changes in loss costs, rates, and ELRs, “enhancing the precision and responsiveness of workers compensation rates across all classifications.”
The Council said this doesn’t pertain to risk estimation or projection. “Instead, it aims to address current limitations in rate setting to improve precision in determining workers compensation insurance premiums,” according to a blog post.
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After pushing legislation that gave Hawaii workers with serious back and spine injuries access to magnetic resonance imaging tests within the first 60 days after an injury, and before a formal treatment plan is created, State Rep. Scot Matayoshi is leading a working group including doctors and insurers to push for additional reforms in the 2025 legislative session.
Among the measures, one would give patients more say in choosing vocational rehabilitation counselors who help them get back to work.
Another involves the procedure for evaluating the ability for a returning worker to do certain jobs, or functional capacity.
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