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Indiana Department of Insurance Approves Decrease in Workers’ Compensation Rates

October 19, 2018
By

State NewsIndiana Department of Insurance Commissioner Stephen W. Robertson recently approved an average 7.6 percent reduction for Workers’ Compensation rates, effective January 1, 2019. The approved rate decrease will result in savings of approximately $62.7 million dollars for Indiana businesses.

“The significant savings will help support Indiana businesses as they grow their companies,” said Indiana Department of Insurance Commissioner Stephen W. Robertson.

Workers’ Compensation rates in Indiana have been on a downward trend for several years. This decrease in rates can be attributed to a drop in frequency of worker injuries. As was the case last year, the robust job market also plays a key role as payrolls increase and the economy grows, creating a larger base for collecting premiums.

Workers’ compensation insurance covers medical costs associated with workplace injuries and provides wage replacement benefits to injured workers for lost work time.

Indiana Workers’ Compensation rates consistently rank one of the lowest in the United States, according to the Oregon Workers’ Compensation Premium Rate Ranking report. The Information Technology and Research Section in the Oregon Department of Consumer and Business Services has examined state rates on a biennial basis since 1986.

About the Indiana Department of Insurance
The Indiana Department of Insurance (IDOI) protects Indiana’s insurance consumers by monitoring and regulating the financial strengths and market conduct activities of insurance companies and agents. The IDOI monitors insurance companies and agents for compliance with state laws to protect consumers and to offer them the best array of insurance products available. The IDOI also assists Hoosiers with insurance questions and provides guidance in understanding how insurance policies work.