Workers’ compensation insurance rates will decrease for the second year in a row in Delaware, effective Dec. 1, 2018.
“I am delighted to approve yet another decrease in workers’ compensation rates in Delaware and even happier to see a double-digit average decrease in the voluntary market,” stated Delaware Insurance Commissioner Trinidad Navarro in a press release issued by the Delaware Department of Insurance. “For many Delaware businesses, large and small, this year’s decrease means significant savings and is an incentive for smaller businesses to relocate to Delaware.”
The Delaware Compensation Rating Bureau (DCRB) workers’ compensation rate decreases were approved on Oct. 15, 2018, after review by the Department of Insurance’s independent actuaries and the state’s ratepayer advocate.
The decreases, which are slightly greater than the original DCRB filing, are an average -7.29 percent for the residual market and an average of -10 percent for the voluntary market. These are average changes, and actual changes to a particular policy may vary depending on, among other things, class codes or insureds, the release explained.
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