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Indiana commissioner approves 10.3% comp rate cut

rate cut

Indiana Insurance Commissioner Amy Beard approved a 10.3% average workers compensation rate cut for policies incepting on or after Jan. 1.

The Indiana Compensation Rating Bureau recommended the double-digit cut based primarily on a long-term trend of frequency decreases and favorable experience in average claim costs.

Ms. Beard said in a statement that the 10.3% reduction will save state employers about $80 million next year.

Individual employers may experience a different rate change depending on their industrial classification and other factors.

WorkCompCentral is a sister publication of Business Insurance. More stories here.