Indiana approves 12.8% comp rate decrease
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Most businesses in Indiana will spend less on workers compensation insurance in 2018 after the Indiana Department of Insurance on Friday approved a 12.8% rate decrease, which was proposed by the Indiana Compensation Rating Bureau.
The filing detailed an overall loss cost reduction of 12.1%, according to the bureau.
The 12.8% decrease is the largest change in more than 25 years and follows last year’s decrease of 9.3%, the bureau reported.
“Looking at recent years changes, the last five years (2014-2018) result in an overall decrease in costs of -28.4%. The three-year period just prior to that (2011-2013) resulted in an overall increase of 9.6%,” per a memo issued Friday.
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