The Idaho Department of Insurance in late October 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.
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