State workers compensation rate set to decrease

Delaware Insurance Commissioner Trinidad Navarro announced a decrease in Workers Compensation Insurance Rates starting 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” Navarro said.

The residual rate will decrease 5.73 percent and the voluntary market will decrease 3 percent.

“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,” Navarro said.