It’s been more than 10 years since Massachusetts raised its workers’ compensation average rates. Is it time for a rate hike? The state’s insurance commissioner Joseph Murphy will hold a public hearing on March 30 to examine that question.
The Workers’ Compensation Rating and Inspection Bureau of Massachusetts (WCRIB) filed a request on March 1 for an increase. It calls for a 19.3 percent hike in average rates for industrial classes and a 20.0 percent hike for F-Classes. If approved, the average rate increase could be implemented in September.
WCRIB said it recognizes that the request calls for a significant rate increase — but the group noted it’s been more than a decade since the rates rose in the state.
The last rate hike was in 2001, when it rose 1 percent. WCRIB had requested small rate increases in 2008 (2.3 percent), 2010 (4.5 percent), and 2011 (6.6 percent) but none went into effect. “If these increases had been granted, we would not need such a significant rate increase now,” said Paul.
Meagher, president of WCRIB. He also added that current rates are nearly 65 percent lower than they were in 1991, when reforms to the workers’ comp act took effect.
Was this article valuable?
Here are more articles you may enjoy.
Three Top P/C Insurers Account for Most of Insurance AI Patents 
Head of EEOC Urges White Men to Report Discrimination 
Board Calls for US Steel to Address Safety Issues as It Rebuilds Site of Fatal Explosion 
Louvre Tightens Security After $102M Jewel Heist, Installs Bars on Infamous Window From This Issue
