ROSENDALE APPROVES DECREASE IN WORK COMP COSTS

csimt 2020, Insurance, Press Release

CONTINUES TREND OF IMPROVING BUSINESS INSURANCE CLIMATE IN MONTANA

HELENA, Mont. – Insurance Commissioner Matt Rosendale approved yet another decrease in workers compensation loss costs this week, continuing a near-decade-long trend of improving Montana’s business insurance climate that Rosendale helped kickstart in 2011.

This year’s 8.1 percent overall average decrease in loss costs will go into effect this summer. Rosendale approved decreases of 17.2 percent last year, 10.7 percent in 2018, and 7.8 percent in 2017, the year he became State Auditor. The approved loss costs are used by both the Montana State Fund and private insurers to help establish the cost of workers compensation insurance for Montana businesses, which has continued to decline in recent years.

“Lower costs lead to insurance savings, which makes it easier for small Montana businesses to stay open, hire more employees, raise pay, provide benefits, complete a remodel, expand, or give more back to their communities,” Rosendale said.

Rosendale led in creating bipartisan reforms in the 2011 state legislature that have helped drive down the cost of work comp insurance in Montana over the past decade. Business emphasis on workplace safety and reducing the number of lost-time claims have led to lower loss costs and helped lower the cost of insurance.

This year’s 8.1 percent overall average decrease was filed by the National Council on Compensation Insurance (NCCI), reviewed and approved by Rosendale’s office, and will go into effect on July 1, 2020.

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