Idaho workers comp rates mostly stable for 2015
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Idaho employers will see a “slight” reduction in workers compensation rates as of Jan. 1, 2015, the state Department of Insurance said Monday.
Idaho’s overall workers comp premium rates will decrease by an average of 0.2%, as recommended by the Boca Raton, Florida-based National Council on Compensation Insurance Inc., according to a statement by the Department of Insurance.
Since rates differ based on worker classification and other factors, such as frequency of claims and medical costs, some employers may see rates increase, according to the statement.
“This slight rate decrease is an indicator of the stability of workers compensation coverage in Idaho,” department director Bill Deal said in the statement.
The 0.2% workers comp rate cut will take effect Jan. 1.
NCCI also recently recommended a 0.8% decrease in Alaska’s voluntary loss costs and a 2.6% decrease in assigned risk rates for 2015, according to the group’s 2014 State Advisory Forum on Oct. 22.
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