Montana State Fund’s board of directors announced an average overall 5 percent decrease in workers’ compensation rates for 2016.
The decrease is for any policy with an effective date in policy year 2016, which is July 1, 2015 to July 1, 2016.
Laurence Hubbard, president and CEO of Montana State Fund, attributed the decrease to improved workplace safety.
“Lower injury rates in turn translate to lower premium rates,” Hubbard said in a statement. “This means more money in the pockets of Montana business owners who can use it to positively invest it in their workers and their business.”
The board has not increased premium rate levels for the past eight years. With the announced decrease, Montana State Fund rates will have been decreased by 39 percentage points below the level they were on July 1, 2006, or an average annual decrease of over 4 percent.
Montana State Fund provides workers’ comp coverage to more than 26,000 employers in the state.
Was this article valuable?
Here are more articles you may enjoy.
Jamaica Catastrophe Bond Has Now Triggered, Government Says 
Allstate More Than Triples Q3 Net Income to $3.7 Billion 
PHLY Makes Largest Acquisition in Its History With Collector Car Business Expansion 
Don’t Look Now, But Citizens Is No Longer the Largest Property Insurer in Florida 
