Insurance Commissioner Approves 12.8% Rate Reduction

Indiana Insurance Commissioner Stephen W. Robertson announced Wednesday that he approved an average 12.8% reduction in workers’ compensation rates, to take effect Jan. 1. Robertson said in a press release that the rate reduction will produce $102 million in savings for Indiana business. The decrease follows a 9.3% reduction last year. The Indiana Compensation Rating Bureau filed a proposed 12.1% reduction in voluntary market loss costs and a 12.8% reduction in overall rates for both the assigned risk and voluntary markets. In a report attached to the filing, the National Council o...