The Idaho Department of Insurance said Monday that workers compensation rates will drop 5.8% next year.
This recommended rate decrease from the Boca Raton, Florida-based National Council on Compensation Insurance is effective Jan. 1, 2018, the Idaho Department of Insurance said in a statement.
“We are pleased to announce this reduction which will help Idaho businesses,” said Dean Cameron, Meridian, Idaho-based department director. “The change in the 2018 workers compensation rates reflects improvement in Idaho’s worker compensation rating factors such as a slight decline in both the frequency of claims for lost work time and the average costs of those claims,” he said.
Workers compensation insurers reported their most profitable year in 2016 since the Great Recession despite facing economic, regulatory and legal challenges, according to a report by A.M. Best Co.