Delaware Insurance Commissioner Trinidad Navarro announced that workers’ compensation insurance rates will decrease for the eighth year in a row, effective December 1.
The voluntary market is expected to decrease average loss costs by 8.4%, and the residual market will see an average rate reduction of 9.21%.
The announcement follows confirmation of the Delaware Compensation Rating Bureau (DCRB) filing by independent actuaries, and a public hearing with DCRB and the State’s Ratepayer Advocate. Actual savings will vary by policy.
The decreases continue a trend. In December 2023, the voluntary market loss costs decreased 7.24%, while the residual market saw a reduction of 11.18%. In December 2022, the industry implemented an overall decrease to residual market rates of 16.14%, an overall decrease to voluntary market loss costs of 10.96%, along with revisions to rating values. In December 2021, the voluntary market saw an average 20.02% reduction in loss costs and a 20.10% decrease in residual market rates.
Topics Talent Workers' Compensation
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