Insurance premiums in Washington state will rise in 2022 – Enterprise Insurance

The average price of the Washington workers' compensation rate for hours worked is expected to rise 3.1% in 2022, the Washington Department of Labor and Industry announced on Thursday.

According to L&I director Joel Sacks, this is the first rate hike in five years. A "modest increase" is required due to the increasing cost of providing insurance.

Mr Sacks added that the state's emergency reserve will be used to limit the surge for employers and employees over the next year and to keep premiums lower on average than they were in 2017.

With this wage increase, the average tariff per $ 100 payroll will be $ 1.53 in 2022, an increase of 1.4% over 2021, according to L&I. The individual tariffs for employers vary based on recent claims history and changes in the frequency and cost of claims in their industry risk classes. Employees will continue to pay around a quarter of the premium on average, a similar percentage as in 2021, L&I said.

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