New Jersey maintained its spot as the most expensive state to buy workers’ compensation in the latest biennial rankings by the Oregon Department of Consumer and Business Services.
And while the top half of the list included perennials like California, New York and Hawaii, Wyoming made the top 10 after a more than 29% increase in average costs this year.
Average premiums of $2.44 per $100 of payroll in New Jersey were 192% of the study’s median of $1.27 per $100 of payroll in Pennsylvania. New Jersey topped the latest study, in 2020, with average costs of $2.52.
Hawaii, which ranked fifth in 2020, jumped to second place this year, with average premiums of $2.27. California rose from fourth in 2020 to third this year, with average costs of $2.26. New York dropped two places to fourth, with average costs of $2.15. Louisiana, which ranked eighth in 2020, rounded out the top five this year, with average costs of $2.13.
Wyoming ranked as the seventh most expensive state this year with average premiums of $1.86. In 2020, it was ranked 26th, with average costs of $1.44.
DCBS said the national median index rate of $1.27 per $100 in payroll was the lowest since it began comparing national rates in 1986. In the first year of the study, the national median index rate was $3.18, and by 1994 it had increased to $4, 35.
WorkCompCentral is a sister magazine to Business Insurance. More stories here.