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Workers' compensation rates to increase for most South Dakota employers

Workers' compensation rates should increase by an average of 3.5 percent for most South Dakota employers, effective July 1.

According to the South Dakota Division of Insurance, workers' compensation rates have been stable in recent years. Last year, they decreased for most employers by an average of half a percent.

The rates of the voluntary lost costs, the basis on which individual insurance companies calculate their rates for the large majority of employers, will increase on average about 3.5 percent. Increasing medical costs and several large claims contributed to the increase. Employers that have not been able to find coverage in the open voluntary market and are in the assigned risk pool may see no change on average in their rates. Last year the pool rates were increased an average 0.6 percent.

For more information about workers' compensation rates, contact the South Dakota Division of Insurance at (605) 773-3563. Additional information for employers and those interested in workers' compensation industry can be found at www.state.sd.us/drr2/reg/insurance/index.html.