· Indiana State Gross Domestic Product (GDP). Quarterly updates available from the U.S. Bureau of Economic Analysis. Latest update "Gross Domestic Product by State, 3rd quarter 2015" dated March 2, 2016.
· Indiana ranks 8th best place for business in a Forbes study dated October 21, 2015 titled "The Best States for Business." This is Indiana's first time ever in the top ten.
· The 2015 Manufacturing and Logistics Indiana State Report shows how Indiana ranks among the states in several areas of the economy that underlie the success of manufacturing and logistics. These specific measures include: manufacturing and logistics health, human capital, the cost of benefits, the global reach and diversification of the industries, state-level productivity and innovation, the tax climate, and venture capital activities. Indiana’s manufacturing employment has risen by 4.6% since the end of the recession while the overall country declined by 2%.
For all the latest state and county figures as well as complete time series data sets related to the Indiana economy, visit these internet sites:
· InContext, monthly online publication of the Indiana Department of Workforce Development and the Indiana Business Research Center at Indiana University's Kelley School of Business. The publication contains a section called "Monthly Metrics: Indiana's Workforce Dashboard"
· Indiana Economic Development Corporation (IEDC) formerly the Indiana Department of Commerce
· Conexus Indiana, an initiative to capitalize on emerging opportunities in advanced manufacturing and logistics, aligning resources and expertise to make Indiana a leader in these industries.
· IU Public Policy Institute is a collaborative, multidisciplinary research institute within the School of Public and Environmental Affairs at Indiana University-Purdue University Indianapolis.
· Indiana enjoys second lowest rates in country. The state of Oregon updated its report in October 2018 titled "2018 Oregon Workers' Compensation Premium Ranking Summary." From highest to lowest, Indiana ranked 50 out of 51 jurisdictions with an index rate of $0.87. "Loaded" rate indices range from a low of $0.82 in North Dakota to a high of $3.08 in New York, with a median value of $1.70. For more information, call the Dept of Consumer & Business Services, Information Management Division, at 503.378.8254. Link to reports page. Because states have various mixes of industries, the study calculates rates for each state using a standard mix of the 50 industries with the highest workers’ compensation claims costs in Oregon. Details about how the study was conducted can be found at About Oregon’s Workers’ Compensation Rate Ranking Study.
· Of 51 jurisdictions, Indiana ranks fifth in number of insurance companies writing workers compensation in the state at 330.
Source: SNL Financial Report; 2017 Number of Workers' Comp Writers - By State; produced 10/18/18
· Indiana ranks 21st in WC direct written premium ($826 million). Source: SNL Financial Report; 2017 direct written premium; produced 05/01/18
· The Work Loss Data Institute (WLDI) issued a media release dated 12/21/11 on its study titled 2012 State Report Cards for Workers’ Comp. This is the most recent report as of February 2017. The report categorizes states into six tiers. Tier I (four states) performed the best. Indiana is one of five states in tier II which indicates an average grade of A (or B+ or better) and a trend going down (same as the 2008 study).
· In an 11/01/09 online article titled "States of Disparity", Risk & Insurance reporter Peter Rousmaniere looked at four factors that indicate how well a state's workers' comp system may be working. Indiana tied for fourth. He analyzed data from OSHA, BLS, state of Oregon, and Actuarial and Technical Solutions. Those factors were adjusted by giving additional weight to the amount of premium charged to the employer, and the benefits paid to claimants. The states are ranked by their composite score.
· Indiana ranks 5th best out of 33 states in accident year combined ratio – by posting 2017 accident year combined ratio of 83. Results range from a low of 78 in Alaska to a high of 129 in Oregon, with a countrywide average of 93.
A healthy market attracts insurance companies to write in the state and promotes competition in the marketplace – good for employers who are the consumers of workers compensation insurance.
Source: NCCI Financial Call data used in Calendar-Accident Year Underwriting Results, evaluated as of 12/31/17; 33 states available as of 12/15/18; NCCI website as of 12/15/2018.
· Indiana expense ratio for 2017 was 30.2 (2nd best) compared to the average countrywide ratio of 35.8%.
Source: NCCI Financial Call data used in Calendar-Accident Year Underwriting Results, evaluated as of 12/31/17; 33 states available as of 12/15/18; NCCI website as of 12/15/2018.; NCCI website as of 12/15/2018.
· UWC, Inc. - Strategic Services on Unemployment & Workers' Compensation publishes Fiscal Data for State Workers' Compensation Systems - Bulletin - 2012. This Bulletin reports on state workers’ compensation benefit payments and trends from 2001 to 2010. The Bulletin provides new data for 2010 and revised data for 2006-2009. Website: http://www.uwcstrategy.org.
· The National Academy of Social Insurance produces an annual report, titled Workers Compensation: Benefits, Coverage, and Costs, 2016 published in October 2018. This report provides a benchmark of to facilitate policymaking and comparisons with other social insurance and employee benefit programs. The lack of uniform reporting of states’ experiences with workers’ compensation makes it necessary to piece together data from various sources to develop estimates of benefits paid, costs to employers, and the number of workers covered by workers’ compensation.
· Indiana ranks 16th best in a George Mason University study dated March, 2013 titled “Freedom in the 50 States, An Index of Personal and Economic Freedom”. The ranks the states on their public policies that affect individual freedoms in the economic, social, and personal spheres.
Logistics ("Crossroads of America")
Indiana touts a central location that is well connected. It is home to more than 4,700 miles of mainline rail track, three international airports, and more than 11,000 total highway miles. Each year, more than 1.1 billion tons of freight travel through Indiana, making it the fifth-busiest state for commercial freight traffic in the nation. Indiana also has the only statewide port system that provides international connections via the Great Lakes and Ohio- Mississippi River system.
Source: Area Development Online, November 2012
In terms of highway density (measured in road miles per 100 square land miles), Indiana is more than double the national average.
The Nov-Dec 2009 issue of InContext, in the article titled "GDP Dynamics Shed Light on Economic Downturn in Indiana" reports that Indiana was among the most hard-hit states through the initial stages of the recession, as measured by gross domestic product (GDP). Indiana’s GDP (adjusted for inflation) declined 0.6 percent between 2007 and 2008. This mark ranked 43rd among states.
The 2009 Edition, which contains 2009 results from lowest to highest, Indiana ranked 3rd out of 45 jurisdictions in WC comparative costs with a rate of 1.97. The lowest state was Utah at 1.60 and the highest state was Montana at 6.64. The national average was 3.71. Indiana ranked 15th in WC average statutory benefit (wage replacement). For more information, contact Actuarial & Technical Solutions, Inc. at 516.471.8655. Website: http://www.actuarialsolutions.com.
Michigan State University, Workers Compensation Center, School of Labor and Industrial Relations, in 2005 produced a report titled "Workers Compensation Information". The report gathers information from multiple sources: BLS, NASI, NAIC, and state of Oregon.
NCCI produced a report in response to a Florida legislature inquiry that compares loss cost rates by state. The comparison uses a normalized payroll distribution from 1999 data, and presents an average voluntary loss cost rate for all business classifications by state. From highest to lowest, Indiana ranked 37 out of 37 jurisdictions with an average rate of $0.91. The highest state was Florida with an average rate of $2.75. An article on the report is published in On Workers Compensation newsletter, April 2001 edition.
Recent economic analysis suggests that a large portion of WC costs are passed on to consumers through increased prices and to other workers in the form of reduced wages.
source: New Approaches to Disability in the Workplace, by Terry Thomason, John F. Burton, Jr., and Douglas E. Hyatt
The Indiana Chamber of Commerce compiled a table titled "2002 Worker's Compensation State Ratings - Temporary Total Disability Benefits" as of January 1, 2002. Data obtained from the U.S. Chamber of Commerce publication 2002 Analysis of Worker's Compensation Laws. From highest to lowest benefits, Indiana ranked 29 out of 51 jurisdictions with an weighted maximum weekly benefit of $593. The lowest state was Mississippi at $360 and the highest state was Iowa at $1,161. The weighting is based on the American Federation of Teachers Cost of Living Index (AFTCOL). Website: http://www.indianachamber.com
Terry Thomason, professor at Rhode Island University, and John F. Burton, professor at Rutgers University and editor of Workers' Compensation Policy Review, published an analysis in the Nov/Dec 2001 issue titled "The Adequacy of Cash Benefits Prescribed by Workers' Compensation Statutes." The purpose of the article is to examine the generosity of cash benefits, how the generosity has changed over time, and how generosity varies across jurisdictions. Website: http://www.workerscompresources.com
Terry Thomason, professor at Rhode Island University, and John F. Burton, professor at Rutgers University and editor of Workers' Compensation Policy Review, published an analysis in the March/April 2002 issue titled "The Employers' Costs of Workers' Compensation Insurance in Ontario and Other Canadian and U.S. Jurisdictions." The purpose of the article is to examine the relative efficiency of WC delivery systems. They define a state as relatively efficient if it has high levels of cash and medical benefits and a high frequency of injuries coupled with low insurance rates. For the period studied (1975-1995), Indiana ranked as the most efficient (1.4 value), and Texas ranked the least efficient (0.4 value). Website: http://www.workerscompresources.com