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The Indiana Department of Insurance has approved a 5% increase in advisory workers compensation rates in the state for 2013, according to the Indiana Compensation Rating Bureau.
The increase was approved Wednesday, according to a posting on ICRB website. The new rate takes effect Jan. 1.
Indianapolis-based ICRB requested the rate hike this month, citing actuarial data from Boca Raton, Fla.-based NCCI Holdings Inc. There is a “significant upward trend” in medical costs for Indiana workers comp claims, according to the rate filing.
ICRB said in the filing that Indiana office and clerical firms could expect an average comp rate increase of 6.3%, while goods and services companies would see an average increase of 5.7%.
The average comp rate for manufacturers would increase by 2.4%, while contractors would see a 1.3% average rate hike, according to ICRB's rate filing.
The average duration of workers compensation temporary total disability claims benefits increased during the first half of 2011 in correlation with the struggling economy, according to a study by NCCI Holdings Inc.