Indiana approves 9.3% workers comp rate cut

The Indiana Department of Insurance has approved a 9.3% reduction in advisory workers compensation rates for next year. 

The approved rate decrease, effective Jan. 1, will save $82.7 million for Indiana businesses, the department said in a statement earlier this month.

“The significant savings will help support Indiana businesses and encourage continued job growth for Hoosiers,” Indiana insurance Commissioner Stephen W. Robertson said in the statement.

In a circular posted online this month, the Indiana Compensation Rating Bureau said the 2017 decrease will be the largest workers comp rate cut in the state in 25 years. The rating bureau noted in its rate filing that workers comp lost-time claim frequency has fallen consistently since 2007.