Proposed workers’ compensation rates decrease for 2018

The Iowa Insurance Division recently provided notice of an additional reduction in workers’ compensation premiums by 8.7%. The reduction is for voluntary and assigned risks beginning on January 1, 2018 for new and renewal policies. This is in addition to the 3.9% mid-year decrease as a result of the workers’ compensation reform legislation that was signed into law this past legislative session. To see the analysis of the rate filing click here. According to the rate filing by NCCI, here are average increases and decreases by industry sector:

Proposed Changes in Voluntary Rate Level by Industry Group:

Industry Group            Average Change                  Maximum Increase                  Maximum Decrease

Manufacturing                          - 7.4%                                       + 18%                                    - 32%

Contracting                                - 11.3%                                    + 14%                                     - 36%

Office and Clerical                     - 6.1%                                     + 19%                                     - 31%

Goods and Services                   - 8.7%                                     + 16%                                    - 34%

Miscellaneous                             - 8.3%                                     + 17%                                    - 33%