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Montana’s Insurance Commissioner Matt Rosendale approved the state’s largest reduction in workers compensation loss costs since 2011.
The state’s overall workers comp loss costs will decrease 17.2% according to the insurance commissioner’s office. The reduction is based on filings from the Boca Raton, Florida-based National Council on Compensation Insurance and does not include any reduction in benefits for workers. The rate change will take effect July 1, 2019.
Workers compensation insurance in Montana has continued to trend down with lower average costs for businesses year after year, said the commissioner’s office. The approved loss costs will be used by both the Montana State Fund and private insurers to establish premiums for Montana businesses.
NCCI attributed the decrease in Montana to more favorable loss experience over the past few years, a decrease in lost-time claims frequency, a downward trend in indemnity average cost per case and a recent flattening in the medical average cost per case, according to the commissioner’s office.
Montana lawmakers are considering options for the state’s workers compensation system, including dissolving it or turning it into a private entity.