Delaware will see a decrease in workers comp insurance Rates, effective December 1.
“I am thrilled to see an agreement come so quickly from the Delaware Compensation Rating Bureau (DCRB), the Ratepayer Advocate, and my staff. I was anxious to see the filing with the rate decrease, which is good news for all Delawareans” said InsuranceCommissioner Trinidad Navarro.
The Workers Compensation rate decrease was approved Tuesday, October 17th after its review by the Commissioner’s independent actuaries and the state’s Ratepayer Advocate examination of the DCRB’s original filing. The decrease is -5.73 percent for the residual market and a -3 percent for the voluntary market. The decrease was slightly greater than the original DCRB filing made back in August.
The decrease is down 5.73 percent for the residual market and a minus 3 percent for the voluntary market. The decrease was slightly greater than the original filing made back in August by the umbrella group that recommends
Navarro added “The entire process went smoothly and efficiently as all actuaries and examiners agreed that a decrease was the absolute best outcome for Delaware businesses. This insurance rate decrease has a direct impact on Delaware’s employers, enabling them to lower their costs and hopefully employ more Delawareans. Employers can realize additional savings of up to 19 percent on their premiums by enrolling in our workplace safety program. They can find our workplace safety webpage by going to www.insurance.delaware.gov/workplacesafety, or call the office directly at 302-674-7377.”
Delaware has seen workers compensation insurance rate declines following two efforts to reform the system for injured workers in the past decade or so The first effort later saw sharp increases in rates, followedby the latest reform legislation.
The workers comp rates had previously risen to the point that some employers were considering moves out of state.
The DCRB amended filing No. 1701 can be found on the Department of Insurance website. www.insurance.delaware.gov/dcrb.