Montana’s largest workers’ comp insurer announces 10% rate reduction
2024 continues a trend of savings for employers over 18 years
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News from Montana State Fund
HELENA — In a move that spells savings for businesses across the state, Montana’s largest workers’ comp insurer has announced a significant 10% reduction in rates, following a successful 5% reduction in 2023. This marks a remarkable milestone, with rates having decreased by more than 60% since 2007.
Friday’s announcement by Montana State Fund’s Board of Directors signals an exciting future for Montana’s employers. Richard Miltenberger, the Board Chairman, emphasized his personal excitement: “This rate reduction isn’t just about saving money; it’s about empowering businesses to thrive and access our services more easily.”
“In our effort to become Montana’s favorite workers’ comp carrier, we are thrilled to be able to provide lower costs to employers across the state,” said Holly O’Dell, MSF President and Chief Executive Officer. “We are Montanans serving Montanans and as the not-for-profit option to insure their workers, we want employers to know we are looking out for them.”
Despite the downward trend in rates since 2007, accident frequency remains a concern, hovering above the national average by more than 25%. Recognizing the importance of addressing this issue, efforts continue to further improve safety measures in workplaces.
“This rate reduction is welcome news for Montana employers,” Governor Greg Gianforte said. “Today’s announcement is the 18th year in a row of rate stability, a sign that efforts to reduce workplace accidents are working. Montana continues to be the perfect place to live, work, and do business.”
Montana State Fund remains committed to its mission of providing reliable and affordable workers’ comp coverage, contributing to a safer and more prosperous Montana. Pending approval by the Commissioner of Securities and Insurance, the rate reduction will take effect for new and renewal policies beginning July 1, 2024.
