(SitNews) - For the first time since 2002, Alaska’s workers’ compensation premium rate ranking has dropped in the biennial Workers’ Compensation Premium Rate Ranking published by the State of Oregon.

Alaska ranks fifth behind California, Connecticut, New Jersey and New York. In 2002 Alaska ranked 15th, but by 2004 Alaska was second and then first in 2006, holding the first or second spot until 2014.

“Alaska no longer has the highest workers’ compensation premium rates in the nation,” Labor and Workforce Development Commissioner Dianne Blumer said. “Over the past few years, the Parnell Administration has worked with the Alaska Legislature and other stakeholders to help Alaska business owners hold the line on costs.

“This effort to contain costs and lower the frequency of injuries has helped to keep Alaska’s premium rates from going up – more money is staying in business owners’ pockets," said Blumer.

Alaska employers paid about $300 million in workers’ compensation insurance premiums in 2013 – lower premiums saved Alaska businesses about $6 million in 2014.

Over the last two years, 25 states saw rate increases, while Alaska’s rates decreased. For calendar year 2014, Alaska saw an average decrease in rates of 2.6 percent; for 2013, the decrease was 3.6 percent.

Source of News: 

Alaska Department of Labor ; Workers Compensation Division
www.labor.state.ak.us

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