Delaware sees another decline in workers comp insurance rates

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Delaware employers will see another decline in workers’ compensation insurance rates, effective December 1.

“I am delighted to approve a decrease in workers’ compensation rates in Delaware for the third year in a row,” stated Commissioner Trinidad Navarro. “These continued decreases mean significant savings for Delaware businesses both large and small and continues to be an incentive for smaller businesses to relocate to Delaware and employ more Delawareans.”

The Delaware Compensation Rating Bureau workers’ compensation rate decreases were approved on Tuesday, October 8 after review by the Department of Insurance’s independent actuaries and the State’s Ratepayer Advocate and a public hearing, a release stated.

The decreases are an average of 12.75 percent for the residual market and an average of 13.29 percent for the voluntary market. Actual changes may vary.

Delaware ranks as the fifth most expensive state in the nation for workers comp insurance, according to a survey from the State of Oregon.

The decrease comes a few years after the passage of legislation aimed at controlling workers comp costs that had led some employers to threaten to leave the state.

“The continued hard work of everyone involved in this process especially over the last few years continues to ensure that the process is transparent and efficient. I am also pleased that this is the first year that all actuaries reviewing this filing agreed, not only that another significant drop in workers’ compensation rates was warranted, but that the filing as submitted to the department needed no changes. Lastly, I want to again acknowledge the Department’s Workplace Safety Program and its dedicated staff for their work in helping Delaware businesses save up to 19 percent on premiums for providing a safe working environment.”

Employers who wish to take advantage of the Delaware Workplace Safety Program can visit www.insurance.delaware.gov/workplacesafety, or call our office directly at (302) 674-7377. The filingcan be found at http://www.dcrb.com/shared/d_contents.htm.

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