Workers’ compensation studies hold Illinois in good light
According to an article in the Insurance Journal, the 2014 Oregon Workers’ Compensation Premium Ranking Study showed that Illinois has the seventh highest average workers’ compensation premium rate of all the states in the country. The state’s median premium rate is 2.35 per $100 of payroll as compared to the national median index rate of 1.85 per $100 of payroll.
The Illinois Workers’ Compensation Commission, in its annual report for the 2014 fiscal year which was dated June 16, 2015 and released on Thursday, October 1, states that Illinois is one of the top ten wage states. Illinois wages are, on average, 6% higher than the U.S. average. The median annual income in Illinois is $52,590, while the U.S. overall has an annual wage of $49,808 on average.
Additionally, reports from the years 2011 to 2015 indicate that Illinois insurers are having to pay our fewer claims, as loss costs fell nineteen percent in these years.
Our attorneys at Spiros Law, P.C., in Champaign have extensive experience with handling workers’ compensation issues. Call our offices today at (217) 328-2828 if you need help from a member of our legal team.