Indiana Workers’ Compensation rates consistently rank one of the lowest in the United States, according to the Oregon Workers’ Compensation Premium Rate Ranking report. In 2021, there were approximately 350 different insurance companies writing workers’ compensation insurance in Indiana, representing approximately 120 different insurer groups.
ICRB and the National Council on Compensation Insurance jointly make a rate filing with IDOI proposing loss costs and rates for the coming year of policies.
Workers’ compensation insurance covers medical costs associated with workplace injuries and provides wage replacement benefits to injured workers for lost work time. The 10.3 percent decrease can be attributed primarily to the long-term decline in workers’ compensation countrywide claim frequency, and the recent favorable experience in average costs per claim in Indiana for both indemnity and medical benefits. “We are pleased to approve a rate decrease that helps support Indiana businesses and Indiana workers.” The average annual salary for a medical writer in the United States is 71,238. “The 10.3 percent decrease represents a savings to Indiana businesses of approximately $80 million,” Commissioner Beard said. There are approximately 150 such industry types. Individual employers may experience a rate change different from the 10.3 percent decrease depending on their rating class (classifications based on the type of business) and other rating factors. Beard recently approved a decrease of 10.3 percent on average for Workers’ Compensation rates recommended by the Indiana Compensation Rating Bureau (ICRB), effective Jan. Indiana Department of Insurance (IDOI) Commissioner Amy L.
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