The state’s insurance commissioner has approved an overall average decrease of 3.46% in workers’ compensation rates starting July 1, 2022 for Massachusetts businesses.
Massachusetts businesses will save approximately $80 million under the settlement.
The cut was negotiated after the industry’s Workers’ Compensation Rating and Inspection Bureau (WCRIB sought a 2.78% average increase.
The state’s attorney general, the insurance department’s rating bureau and the industry’s WCRIB participated in hearings and negotiations. Insurance Commissioner Gary Anderson approved the final deal.
Rates will vary by class and the experience rating plan and retrospective rating plans will be revised, as well as the premium credits in the deductible programs.
The rates have not changed since 2020, when insurers agreed to roll back rates by an average of 6.8%, saving Massachusetts customers about $80 million. In 2018, the rates also went down, averaging 12.9% decrease worth, about $150 million for businesses.
Topics Trends Workers' Compensation Talent Pricing Trends Massachusetts
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