Good news on workers’ comp

Good news on workers’ comp

In August, the Minnesota Workers’ Compensation Insurers Association (MWCIA) received approval from the Minnesota Department of Commerce for MWCIA’s 2018 Ratemaking Report. The report describes trends in Minnesota’s workers’ comp system according to 2016 data.

MWCIA announced an “advisory rate reduction of -6.7% for 2018 rates.” Accordingly, while the particular circumstances of each carrier and insured party will impact rates and premiums, it’s reasonable to assume that overall average carrier rate levels will decrease in 2018 and that overall average premium levels will decrease as well.

Additional information is available from MWCIA.