Insurance Commissioner Wayne Goodwin today approved a nearly 10 percent decrease in workers' compensation insurance policies, a move that is expected to generate more than $119 million in annual savings for the state's employers.
"We are always glad to provide decreases where possible," said Insurance Department spokeswoman Kristin Milam. "Hopefully this will help employers keep their costs down."
The 9.6 percent decrease was requested in September by the N.C. Rate Bureau, which represents insurers. Goodwin's approval follows a settlement reached between Insurance Department staffers and the Rate Bureau.
The 9.6 percent decrease, which takes effect in April, follows a 4.4 percent decline this year.
This latest request for a rate decrease was partially due to a continuing decline in workers' compensation claims.
Workers' comp premiums are paid by employers, but not all employers are affected by today's action. Virtually all government employers and about a quarter of private employers are self-insured.
David Ranii has been a business reporter at The News & Observer since 1993. Over the years he has covered information technology, banking, insurance, the pharmaceutical and biotechnology industries, media businesses and real estate. Contact him at 919-829-4877 or 
