HELENA, MT – Montana Commissioner of Securities and Insurance Matt Rosendale’s statement today following the Montana State Fund’s announcement of a 5 percent average overall premium rate decrease:
“Montana is trending in the right direction on work comp and I’m optimistic about the impact the State Fund reduction will have on Montana businesses,” Rosendale said. “The more we continue to improve the climate for doing business in Montana, the more jobs and prosperity Montana businesses can create.”
The average overall 5 percent rate decrease will apply to any policy with an effective date in Policy Year 2018 (July 1, 2017 to July 1, 2018). The Montana State Fund currently insures approximately 26,000 Montana businesses and other organizations.
“We’ve seen improvements in worker safety in recent years, but there’s still more to be done,” Rosendale said. “The more we can create a culture of safety in the workplace and reduce the number of Montana workers who suffer from injuries, the more we can reduce work comp costs.”
The last rate increase was in 2006. Since that year, rates have remained flat or decreased every year and have now been reduced by a total of 44 percentage points.
Rosendale approved a nearly 8 percent reduction in workers compensation loss costs earlier this month.