Oregon employers will pay an average of 6.7% less for workers compensation coverage in 2024, the Oregon Department of Consumer and Business Services announced Wednesday.
The decrease will mark 11 years of average reductions in the state’s pure premium rate for workers comp; rates have declined by 49% since 2015, the department said.
The National Council on Compensation Insurance, which sets rates for Oregon, attributed the latest reduction in costs to an improvement in loss experience and loss development patterns in the state, according to a statement issued by the department.