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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.
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