The Indiana Department of Insurance has approved a 5% increase in advisory workers compensation rates in the state for 2013, according to the Indiana Compensation Rating Bureau.
The increase was approved Wednesday, according to a posting on ICRB website. The new rate takes effect Jan. 1.
Indianapolis-based ICRB requested the rate hike this month, citing actuarial data from Boca Raton, Fla.-based NCCI Holdings Inc. There is a “significant upward trend” in medical costs for Indiana workers comp claims, according to the rate filing.
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