Massachusetts workers’ compensation insurance rates would rise an average of 4.5 percent under a new rate proposal submitted by the Workers’ Compensation Rating and Inspection Bureau.
The bureau is the licensed rating organization that files rates on behalf of insurers writing workers’ compensation in Massachusetts.
If approved, it would be the first increase in average workers’ compensation rates in Massachusetts since 2001, when the commissioner approved a 1 percent increase, and only the second rate increase since 1993.
“The ongoing workplace safety efforts by insurers, employers, workers and regulators have helped drive down the frequency of injuries in Massachusetts,” Paul Meagher, president of the bureau said. “However, claim severity has continued to trend higher due primarily to the persistent increase in medical and pharmaceutical costs.”
Any increase would go into effect on Sept. 1.
Topics Trends Workers' Compensation Talent Pricing Trends Massachusetts
Was this article valuable?
Here are more articles you may enjoy.
CRC Group CEO on Casualty: ‘It’s More About the Coverage’ Than Price 
US Offers $20 Billion Reinsurance Plan to Spur Gulf Oil Flow 
Stryker Remains Offline After Cyberattack Linked to Iran Group 
Insurify’s Founders Discuss Evolution of Insurance Shopping With AI 
