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Idaho comp rates to decrease 4.2% in 2019

Posted On: Oct. 3, 2018 12:49 PM CST

Idaho comp rates to decrease 4.2% in 2019

The Idaho Department of Insurance approved a proposal from the National Council on Compensation Insurance for a 4.2% decrease to workers compensation insurance rates set to go into effect in 2019, the department announced Tuesday.

The latest reduction, set to go into effect on Jan. 1, follows a 3.4% midyear reduction in 2017 and a 5.8% rate decrease that was effective at the beginning of 2018.

“We are pleased to announce this reduction, a move which will benefit Idaho businesses, their employees and the economy in general,” Department Director Dean Cameron said in a statement. “The change in the 2019 workers compensation rates reflects an improvement in our state rating factors, including a slight decline in both the frequency of claims for lost work time, and the average cost of those claims.”