Workers’ Compensation Premiums Reduced Again
April 26, 2018
The National Council on Compensation Insurance (NCCI) issued a rate filing for workers’ compensation premiums this week, which declared a 1.9% decrease from the current rates that were effective on January 1, 2018 in Iowa. The new rate decrease will be effective June 1 of this year. The 1.9% decrease follows last year’s workers’ compensation reform legislation ABI championed being signed into law, which led to an immediate 3.9% reduction in premiums. Another decrease of 8.7% was filed in August 2017 based on the prior year claim history. This means Iowa’s workers’ compensation insurance rates have decreased an average of 14.5% since July, 1 2017.
HF 518, which was spearheaded by ABI, brought balance back into the workers' compensation system by working to eliminate fraud and reverse detrimental Iowa Supreme Court decisions that had skewed the system. You can see the rate filing here.