Department of Insurance lowers workers’ compensation rates
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The Indiana Department of Insurance has approved an average decrease of 10.3% for workers’ compensation rates beginning in January. Commissioner Amy Beard says the decrease will create a savings of approximately $80 million for Indiana businesses.
The department says the decrease was recommended by the Indiana Compensation Rating Bureau (ICRB). The decrease is being attributed primarily to a long-term decline in the frequency of workers’ compensation claims nationwide.
“We are pleased to approve a rate decrease that helps support Indiana businesses and Indiana workers,” Beard said in written remarks.
Worker’s compensation insurance covers medical costs associated with workplace injuries and provides wage replacement benefits for injured workers.
The IDOI cites the Oregon Workers’ Compensation Premium Rate Ranking report, which shows Indiana has among the lowest worker’s compensation rates in the country.