State Auditor and Insurance Commissioner Matt Rosendale reported on Tuesday that he has approved a decrease in workers compensation loss costs, a continuation of lower rates in Montana.

“We’re continuing a near decade long trend of improving Montana’s business insurance climate that I helped to kick start in 2011 when I was in the legislature,” said Rosendale. “Today’s I’m announcing an overall 8.1 percent overall average decrease in loss costs which will go into effect this summer. Those loss costs are for the workers compensation insurance and that reflects the medical losses caused by a claim which are medical costs, lost wages or prescription drugs that were used.”

Rosendale recounted the previous reductions in workers compensation rates over the past few years.

“This falls on top of a decrease of 17.2 percent for last year, a 10.7 percent decrease for 2018 and a 7.8 percent reduction in 2017, which is the year that I took office here,” he said. “All this points to a huge emphasis on the increase in workplace safety. We have embraced a program to make sure that we have good education for the employers to share with the workers. The best way to lower the rates in workers compensation insurance is to not get injured. We’re very pleased and proud of the employers around the state that have taken this initiative very seriously and have helped us to get these rates down.”

This year’s 8.1 percent overall average decrease was filed by the National Council on Compensation Insurance, reviewed and approved by Rosendale’s office, and will go into effect on July 1, 2020.


More From KMPT-AM