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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.
The Kentucky Department of Insurance on Tuesday announced its approval of the 2017 rate filing provided by the National Council on Compensation Insurance, showing decreases in virtually every industry but that which serves coal.