Indiana Dept. of Insurance approves decrease in workers’ compensation rates
Indiana Department of Insurance Commissioner Stephen W. Robertson recently approved an average 7.6 percent reduction for Workers’ Compensation rates, effective Jan. 1, 2019.
The approved rate decrease will result in savings of approximately $62.7 million dollars for Indiana businesses.
“The significant savings will help support Indiana businesses as they grow their companies,” said Indiana Department of Insurance Commissioner Stephen W. Robertson.
Workers’ Compensation rates in Indiana have been on a downward trend for several years. This decrease in rates can be attributed to a drop in frequency of worker injuries.
As was the case last year, the robust job market also plays a key role as payrolls increase and the economy grows, creating a larger base for collecting premiums.
Workers’ compensation insurance covers medical costs associated with workplace injuries and provides wage replacement benefits to injured workers for lost work time.
Indiana Workers’ Compensation rates consistently rank one of the lowest in the United States, according to the Oregon Workers’ Compensation Premium Rate Ranking report. The Information Technology and Research Section in the Oregon Department of Consumer and Business Services has examined state rates on a biennial basis since 1986.
The Indiana Department of Insurance protects Indiana’s insurance consumers by monitoring and regulating the financial strengths and market conduct activities of insurance companies and agents.