The cost of workers’ compensation insurance for Arkansas companies has been reduced by 15.4 percent for the voluntary market and 14.9 percent for the assigned-risk pool, effective immediately.
Gov. Asa Hutchinson made the announcement Monday at the Little Rock Regional Chamber.
The governor called it the largest reduction of those premiums in 20 years, and he said the state is at an all-time low for workplace fatalities and injuries. The reduction also continues a trend, as rates have been declining every year for the last three years.
Hutchinson also said there were 106 workplace fatalities in Arkansas in 1995 and there were 49 last year.
The National Council of Compensation Insurance evaluated the state and recommended the reduction in rates, he noted.
The governor added that lower-cost insurance will help attract businesses to Arkansas, and that safer workplaces attract talent.
Dale Douthit, chairman of the Arkansas Workers’ Compensation Commission, and Rajesh Chokhani, COO of Welspun Tubular LLC. in Little Rock, joined Hutchinson for the announcement. Welspun’s parent company is Welspun Corp. Ltd. of Mumbai, India.
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