For Immediate Release – October 7, 2016
Article from The Indiana Department of Insurance
Indianapolis – On October 5, 2016, Indiana Department of Insurance Commissioner Stephen W. Robertson approved a 9.3 percent reduction for Workers’ Compensation rates to be effective January 1, 2017. The approved rate decrease will result in savings of approximately $82.7 million dollars for Indiana businesses.
“We are proud that Indiana continues to produce some of the lowest Workers’ Compensation rates in the nation. With overall rates decreasing in 2017, Indiana intensifies its tradition of offering employers a welcoming and responsive business environment,” said Indiana Department of Insurance Commissioner Stephen W. Robertson. “The significant savings will help support Indiana businesses and encourage continued job growth for Hoosiers.”
Workers’ compensation insurance covers medical costs associated with workplace injuries and provides wage replacement benefits to injured workers for lost work time.
About the Indiana Department of Insurance
The Indiana Department of Insurance protects Indiana’s insurance consumers by monitoring and regulating the financial strengths and market conduct activities of insurance companies and agents. The department 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 department also assists Hoosiers with insurance questions and provides guidance in understanding how insurance policies work.