In October, the Indiana Department of Insurance approved a 10.3% decrease in workers’ compensation rates that will be effective on January 1, 2023. This was recommended by the Indiana Comprehensive Rating Bureau – a statutory rating organization comprised of all insurance companies licensed to write workers’ compensation in Indiana.
The rate decrease is primarily due to a decline in the frequency of workers’ comp claims. It’s estimated that this decrease will be a savings to employers of approximately $80 million.
For years, Indiana has ranked in the top three states in the nation related to worker’s comp rates. This savings goes into effect before we see the impact of this year’s worker’s comp-related legislation that capped reimbursement rates for ambulatory surgical centers at 200% of Medicare.
The Indiana Chamber, the Indiana Manufacturers Association and the Insurance Institute of Indiana have worked in partnership over the last several years on these matters.
Mike Ripley is vice president of health care policy & employment law for the Indiana Chamber. He has been with the organization since 2008 and previously was a longtime state legislator in northeast Indiana.
