Commissioner Approves 10.3% Rate Cut for 2023

Indiana Insurance Commissioner Amy L. 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, as well as favorable experience in average claim costs. 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. ...