Minnesota’s Department of Labor and Industry just issued a Workers’ Compensation System Report that covers data and trends in the state’s system from 2000 through 2002. The good news? Claims fell by more than 15% during that time. The bad news?
” … cost per $100 of payroll rose 18 percent during the same two-year period. The report estimates the cost rose to $1.58 per $100 of payroll in 2002 from $1.34 in 2000.
This echoes a national trend of a decrease in frequency and an increase in severity. Also, for the first time in the state, the medical portion of the claim eclipsed the indemnity portion in terms of overall costs. The full report can be accessed online through the link provided above.
Tags: claims costs, frequency and severity, Minnesota, workers compensation
