Indiana Department of Insurance Approves Decrease in Workers’ Compensation Rates for 2023
Friday, October 7, 2022
Indianapolis – Indiana Department of Insurance Commissioner Amy L. Beard has approved a decrease of 10.3% on average for Workers’ Compensation rates recommended by the Indiana Compensation Rating Bureau (ICRB).
The rate change will be effective January 1, 2023.
Individual employers may experience a rate change different from -10.3% depending on their rating class (classifications based on the type of business) and other rating factors. There are approximately 150 such industry types.
Beard said “the 10.3% decrease represents a savings to Indiana businesses of approximately $80 million.”
Indiana Workers’ Compensation rates consistently rank one of the lowest in the United States (according to the Oregon Workers’ Compensation Premium Rate Ranking report).
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