Worker Comp rate will increase July 1

Worker Comp rate will increase July 1 The State Division of Insurance has announced that worker Compensation rates will increase effective July 1 for the first time in a decade.

Overall rates in the voluntary market will increase by 5.5 percent and the overall rates in the Assigned Risk Plan will increase by 6.2 percent.

The division cited insurance company losses in investment income, increased costs of reinsurance since the events of 9-11 and increasing medical and hospital costs as the reasons for increase.

Division of Insurance Director Gary Steuck said "South Dakota employers should be commended for providing a safe place to work."

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