The Idaho Department of Insurance says advisory workers compensation rates are set to decrease 1.2% next year for employers in the state.
The Boca Raton, Florida-based National Council on Compensation Insurance Inc. submitted a proposal that recommends the overall rate reduction, according to a recent statement from the Idaho insurance department. The rate cut is based on decreasing costs for lost-time workers comp claims in the state, the department said.
“The change in the 2017 workers compensation rates is a reflection of the stability of Idaho’s worker compensation system,” said Dean Cameron, director of the Idaho insurance department, in a statement. “Frequency of claims for lost work time claims has remained consistent, and the average costs of those claims have declined. Medical cost per case has leveled off.”
The Delaware Compensation Rating Bureau’s proposed 7.2% increase in voluntary workers compensation rates has been approved by the insurance commissioner.