NCCI Proposes Overall 3% Rate Decrease
September 5, 2019
The National Council on Compensation Insurance (NCCI) made a rate filing to the Iowa Insurance Division that proposes an overall 3% rate decrease for workers’ compensation from the current rates that were effective January 1, 2019. The new rates will become final January 1, 2020. According to NCCI, the filing is based on premium and loss experience for policy years 2016 and 2017. NCCI notes that Iowa’s claim frequency has declined in recent years, and indemnity and medical continue to trend upward. Since 2017, Iowa employers have experienced three years of rate reductions, with the 2018 decrease at 9.2%. See the full filing. ABI members and Iowa employers should be congratulated on their efforts to minimize risk and increase workplace safety, resulting in decreased claims.