The Idaho Department of Insurance approved a proposal for a minus 6.2 percent overall rate change to Idaho workers’ compensation insurance effective Jan. 1, 2020.
The National Council on Compensation Insurance (NCCI) recommends the proposed rate change.
“We are pleased to announce this reduction, a move which will benefit Idaho businesses, their employees and the economy in general,” Director Dean Cameron said. “The decrease in the 2020 workers’ compensation rates reflects continued improvement in our state rating factors, including a slight decline in both the frequency of claims, and the average cost of those claims.”
The state’s workers’ compensation benefit system is designed to cover medical costs associated with workplace injuries.
It also provides wage replacement benefits to injured workers for lost work time.
NCCI annually collects information about Idaho’s workers’ compensation system and submits proposed rates to the Department of Insurance for review and approval.