The decreases are an average 12.75% for the residual market and an average of 13.29% for the voluntary market, depending on variables like class codes or insureds.
Delaware Insurance Commissioner Trinidad Navarro announced there will be another decrease in workers’ compensation insurance rates, effective Dec. 1.
“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 Delaware Compensation Rating Bureau workers’ compensation rate decreases were approved Oct. 8 after review by the Department of Insurance’s independent actuaries and the State’s Ratepayer Advocate and a public hearing before the Hon. Joshua Martin. The decreases are an average 12.75% for the residual market and an average of 13.29% for the voluntary market. It is important to keep in mind that these are average changes and actual changes to a particular policy may vary depending on, among other things, class codes or insureds.
“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,” said Navarro. “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% on premiums for providing a safe working environment.”
Employers who wish to take advantage of the Delaware Workplace Safety Program are encouraged to visit insurance.delaware.gov/workplacesafety or call 674-7377.
The approved amended DCRB filing No. 1902 can be found at dcrb.com/shared/d_contents.htm.