Pure premium rate to decline, on average, by 6.7% in 2024
The Oregon Department of Consumer and Business Services kicked off September with some good news for businesses: They can expect to pay less for workers’ compensation once the department’s proposals are approved.
“Employers, on average, would pay 90 cents per $100 of payroll for workers’ compensation costs in 2024, down from 93 cents in 2023, under a proposal by DCBS, according to a department news release. “That figure covers workers’ compensation claims costs, assessments, and insurer profit and expenses. The pure premium rate would drop by an average 6.7 percent under the proposal. In fact, the pure premium will have declined by 49 percent from 2015 to 2024.”
The news release contains more specific information, such as the reason for the reduction and how to participate remotely in a September 21 hearing that begins at 3 p.m. The department has also provided this handy chart that compartmentalizes the key information in a table, which you can also see below.
