MSF Lowers Average Workers' Compensation Rates 3%
Rates Effective for New and Renewal Policies Beginning July 1, 2022
March 23, 2022 | View PDF
Helena, MT - On Friday, Montana State Fund (MSF), the state’s largest workers’ compensation insurance company, announced a 3% average rate reduction for its policyholders. The decision came at the March 11 meeting of the MSF Board of Directors and is effective for new and renewal policies on or after July 1. This reduction marks the 16th consecutive year MSF rates have remained flat or been reduced.
With a 3% rate reduction, MSF’s rates are now 54.1% lower than in 2006 (the year of the last rate increase). In the midst of rising inflation and economic uncertainty, this is positive news for Montana employers.
“As a board, we are committed to providing Montana employers with stability and predictability. We have a big impact on Montana businesses, and a responsibility to them. We hope this rate decrease allows employers to hire more workers, make improvements, and ultimately better the Montana economy,” said MSF Board Chair, Richard Miltenberger.
MSF President and CEO, Laurence Hubbard, had the following to say about the decision: “Our board understands Montana businesses value predictable and stable workers’ compensation rates. As Montana businesses continue to improve workplace safety, we are committed to ensuring our rates reflect these improvements.
The financial stability of MSF is a positive force in the Montana economy because often, next to their payroll, workers’ compensation insurance is the highest expense on an employer’s books. Stability and predictability are important for employers, especially small businesses that make up the backbone of the Montana economy. MSF insures approximately 19,000 small businesses.