17.2% DECREASE IS GREAT NEWS FOR MONTANA’S BUSINESSES
HELENA, Mont. – Insurance Commissioner Matt Rosendale has approved the largest reduction in workers compensation loss costs since 2011, when he helped pass bipartisan reforms in the legislature that year.
The 17.2 percent overall average decrease filed by the National Council on Compensation Insurance (NCCI) will take effect on July 1, 2019 and does not include any reduction in benefits for workers. The approved loss costs will be used by both the Montana State Fund and private insurers to establish premiums for Montana businesses.
“This is fantastic news for businesses throughout Montana, as lower costs lead to insurance savings,” Rosendale said. “By lowering the cost of doing business here in Big Sky Country, we improve the environment for creating jobs and opportunity for Montanans.”
Workers compensation insurance continues to trend in the right direction in Montana, with lower average costs for businesses year after year.
NCCI attributed the massive 17.2 percent decrease this year to more favorable loss experience over the past few years. Montana’s frequency of lost-time claims continues to decline, and the state has seen a downward trend in indemnity average cost per case and a recent flattening in the medical average cost per case.