Delaware Insurance Commissioner Trinidad Navarro announced that workers’ compensation insurance rates in the state will decrease for the fifth year in a row, effective December 1, 2021.
The voluntary market is seeing another double-digit decrease in voluntary market loss costs, with an average 20.02% reduction, and residual market rates will go down an average of 20.01%.
“We have worked hard to lower workers’ compensation costs year after year to help our local businesses and attract new ones to our state,” said Navarro in a press release issued by his office. “I’m proud to say that companies are doing their part to reduce risks through programs like our Workplace Safety initiative as well.”
Workers’ compensation insurance is an employer cost that provides coverage when an employee is hurt on the job. It can provide medical coverage as well as payments for lost wages if a person is unable to come to work due to their injury. Lower premiums do not change the amount of compensation an injured employee receives.
The Delaware Compensation Rating Bureau (DCRB) agreed to the lower rates after discussion with the Department of Insurance and the State’s Ratepayer Advocate. The approval process included a review of the DCRB filing by actuaries for each party and a public hearing. Actual savings vary by policy.
Source: The Delaware Department of Insurance
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