Insurance Department Approves 0.2% Rate Hike for 2016

The Idaho Department of Insurance approved the 0.2% rate increase recommended by the National Council on Compensation Insurance for policies incepting on or after Jan. 1. The 0.2% rate hike approved for 2016 follows a 0.2% reduction in 2015 and a 0.9% cut in 2014.  According to NCCI's State Advisory Forum for Idaho, the goods and services sector will see the largest average increase at 1.2%. The largest decrease, 2.8%, is in the miscellaneous sector.  NCCI reports claim frequency has been relatively stable over the past five years but is higher than the national and regio...