Workers’ Compensation Rates Decrease Third Year in a Row
Delaware Insurance Commissioner Trinidad Navarro has announced another drop in workers’ compensation insurance rates, effective December 1, continuing a three-year downward trend.
“I am delighted to approve a decrease in workers’ compensation rates in Delaware for the third year in a row,” said 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 Department of Insurance approved the Delaware Compensation Rating Bureau workers’ compensation rate following a review by independent actuaries and the State’s Ratepayer Advocate and a public hearing before the Honorable Joshua Martin.
The decreases are an average -12.75% for the residual market and an average of -13.29% for the voluntary market.
“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,” Navarro said. “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.”