INDIANA (WEHT) – Indiana Department of Insurance Commissioner Amy L. Beard approved a decrease of 10.3% on average for Workers’ Compensation rates recommended by the Indiana Compensation Rating Bureau (ICRB), effective January 1, 2023.
“The 10.3% decrease represents a savings to Indiana businesses of approximately $80 million,” said Commissioner Beard. “We are pleased to approve a rate decrease that helps support Indiana businesses and Indiana workers.”
Officials say the 10.3% decrease is mostly the result of the long-term decline in workers’ compensation countrywide claim frequency, and the recent favorable experience in average costs per claim in Indiana for both indemnity and medical benefits. 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.