Montana state comp insurer announces proposed rate reductionPosted On: Mar. 14, 2023 12:18 PM CST
Montana’s largest state-run workers compensation insurer has announced a proposed average 5% rate reduction for policyholders.
The Montana State Fund said Tuesday’s rate reduction announcement marks the 17th consecutive year that workers comp insurance rates would have either been lowered or remained steady, and that today’s rates are 56.4% lower than they were back in 2006.
The state fund’s board of directors stated that the proposed reduction can be attributed to numerous factors, including fewer workplace accidents and quicker return-to-work instances for injured workers.
Montana has historically seen higher injury rates, but the state has been trending in the opposite direction, according to Holly O’Dell, president and CEO of the Montana State Fund.
In a statement, Ms. O’Dell said the proposed rate reduction is a testament to businesses’ dedication to creating a culture of safety at the workplace.
Once approved by the state securities and insurance commissioner, the comp insurance rates would go into effect for new and renewal policies beginning July 1.