The Idaho Department of Insurance this week announced Idaho’s overall workers’ compensation premium rates will be reduced by an average of 0.2 percent for 2015.
“This slight rate decrease is an indicator of the stability of workers’ compensation coverage in Idaho,” Department Director Bill Deal said in a statement.
The new rates were recommended by the National Council on Compensation Insurance, a rating and advisory organization that collects annual data on workers’ compensation claims for the insurance industry. The new rates will become effective Jan. 1, 2015.
Rates differ for each worker classification, so while the overall impact is a decrease, some classifications may increase. Rates are affected by such factors as frequency of claims and medical costs.
Was this article valuable?
Here are more articles you may enjoy.
NC Jury Award for Workers Injured in Wall Collapse May be Largest in State History 
USI Insurance Services Claims Ex-Broker Poached Clients for Own New Agency 
After Complaint, GEICO Agrees to Modify Cancellation Process That Uses AI 
Viewpoint: The AI Boom – When Risk Stops Being Rare, Insurance Must Evolve 
