Insurance Department Approves 4.2% Rate Cut

The Idaho Department of Insurance approved a National Council on Compensation Insurance recommendation to reduce rates, by 4.2%, effective Jan. 1. Dean Cameron, director of the insurance department, said in a statement that the lower rates reflect a slight drop in the frequency of lost-time claims, and a small dip in the average severity of indemnity claims. The reduction follows a 3.4% rate cut approved in April that reflected savings from the 2017 federal tax cut. The Idaho Insurance Department approved a 5.8% rate cut, effective Jan. 1, 2018, and a 1.2% rate cut for 2017 policie...