Delaware is set to see a decrease in workers’ compensation insurance rates for the third year in a row, effective December 1, 2019.
“I am delighted to approve a decrease in workers’ compensation rates in Delaware for the third year in a row,” stated Delaware Insurance Commissioner Trinidad Navarro in a press release issued by the Delaware Department of Insurance. “These continued decreases mean significant savings for Delaware businesses both large and small and continues to be an incentive for smaller businesses to relocate to Delaware and employ more Delawareans.”
The Delaware Compensation Rating Bureau workers’ compensation rate decreases were approved on Tuesday, October 8, 2019, after review by the Department of Insurance’s independent actuaries and the State’s Ratepayer Advocate and a public hearing before the Honorable Joshua Martin.
The decreases are an average -12.75% for the residual market and an average of -13.29% 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.
Source: Delaware Department of Insurance
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