Workers’ compensation rate decrease proposed
August 18, 2016
The Iowa Insurance Division provided notice of proposed filing for workers’ compensation insurance rates for 2017. The good news for Iowa employers is, on average, employers will experience a 4.7 percent overall rate decrease. This does not mean all companies will experience a decrease, especially if you are in the assigned risk pool. Some companies may experience a larger decrease and others may experience a slight increase.
The report indicates medical costs account for more than 50 percent of workers’ compensation costs. Click here to read the full report, which has more information about the rate filing proposed by the National Council on Compensation Insurance (NCCI). Members of ABI’s Workplace and Product Safety Committee had a lengthy discussion about workers’ compensation rates at the Aug. 2 policy meeting. Stay tuned for additional information as a result of the meeting.