Work Comp Premiums in Texas Drop by 49% Since 2005
Texas employers are seeing a major reduction in workers' compensation insurance premiums, an insurance trade group reports.
The Insurance Council of Texas (ICT) says reforms in House Bill 7, passed in 2005, and earlier legislation have improved the efficiency of the Texas workers' compensation system.
The Texas Department of Insurance reports premiums for workers' compensation policies have seen a 49 percent decline in rates since House Bill 7 was passed. The average premium was $1.38 per $100 dollars of payroll in 2010 as compared to $2.70 per $100 of payroll in 2004.