Steep drop in state workers’ comp rates to save $35M

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Come 2019, Alaska workers’ compensation insurance rates are expected to fall the most in 40 years, according to state managers.

Gov. Bill Walker’s office announced Oct. 4 that workers’ compensation insurance premiums should decrease an average of 17.5 percent statewide starting in January and worker’s compensation voluntary loss costs similarly could drop 14.8 percent.

The proposed rate decreases for 2019 follow a 5.4 percent average rate decrease this year from 2017 and workers’ compensation premiums are down roughly 25 percent since 2015, according to the governor’s office.