Rates Decreasing 7% for 2022

The Idaho Department of Insurance announced that workers’ compensation rates will decrease by an average of 7% for policies incepting on or after Jan. 1. The department said the National Council on Compensation Insurance recommended the cut based on claims volume, claims utilization, wage changes and changes in rules and legislation. A portion of the reduction is also attributable to the department’s proposed elimination of certain rating factors. Carriers can either adopt the NCCI rates without modification or submit modified rates for the department’s review and approval...