Commissioner Approves 14.6% Loss Cost Decrease

Montana employers could see lower premiums after the state insurance commissioner approved a 14.6% average loss cost decrease for the voluntary market, effective July 1. “Lower insurance costs mean Montana businesses are more competitive nationally, can raise wages and can pass savings onto customers,” Troy Downing, commissioner of securities and insurance, said in a news release. The decrease follows reductions of 8.1% last year and 17.2% in 2019. The National Council on Compensation Insurance recommended the decrease on Jan. 28. The filing summary notes that the decre...