PORTLAND — For the fifth year in a row, Maine’s largest workers’ compensation carrier is dropping its rates.
Maine Employers’ Mutual Insurance Co. rates went down by an average of 12.2 percent as of Jan. 1.
“This is fabulous news for employers in Maine and outstanding news for the Maine economy,” Maine Mutual President John Leonard said Monday.
Leonard said he is optimistic rates can go down further. He said an additional 20 to 40 percent savings can be achieved if efforts to reduce workplace injuries continue.
Maine Mutual has roughly 20,000 policy holders. The 12.2 percent reduction is the largest in the company’s five-year history. Rates dropped by an average 10.2 percent last year; 8.2 percent in 1996, 5.6 percent in 1995 and 3.4 percent in 1994.