* AP Chicago…
Illinois Gov. Pat Quinn says the state’s workers’ compensation insurance rates will drop 5.5 percent next year.
Quinn announced Wednesday the cut in rates is being recommended by the National Council on Compensation Insurance, which annually reviews payments and fees and proposes new premium figures.
Illinois Department of Insurance officials are estimating the latest proposed reduction in workers’ compensation advisory and loss cost rates could result in overall reduction in premiums of up to $143 million in 2015. They say the total savings since the reforms were enacted in 2011 is expected to reach $458 million.
* Greg Hinz…
Illinois Manufacturers’ Association President Greg Baise was considerably more restrained but still welcomed the news.
“More work needs to be done,” said Mr. Baise, whose organization has become a major supporter of GOP gubernatorial nominee Bruce Rauner. “We applaud this news, but rates need to come down more if Illinois is to be competitive with competing Midwestern states.” […]
The workers’ comp system, which pays health expenses for injured workers, raises and spends about $3 billion a year, Mr. Baise said, so a savings of $450 million over three years would be only a fraction of that cost.
The declines are most certainly heading in the right direction, but Baise is right. The savings aren’t a whole lot in the grand scheme of things and much more needs to be done.