Claims News Service, July 27, 1:49 p.m. EDT — According to a new report by the National Academy of Social Insurance, employers' costs for workers' compensation continue to grow.
The report, "Workers' Compensation: Benefits, Coverage, and Costs, 2004," indicates that the increase in employers' cost in 2004 is a continued trend that began after 2000, when workers' compensation costs and benefits were at their lowest point in the last 15 years. Total workers' compensation benefit payments for injured workers rose in 2004 by 2.3 percent to $56 billion, while employer costs rose by seven percent to $87.4 billion.
Nationally, the report said, the premiums employers pay for workers' compensation insurance rose by three cents per $100 of wages, to $1.76 in 2004. Yet the increase in costs in 2004 was the smallest annual increase since the current cycle of higher costs began in 2001.
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