New Jersey workers’ compensation and employer liability insurance rates will be cut an average 6.1% beginning January 1, 2023.
The reduction is more than the 4.7% decrease that industry’s rating bureau had recommended. Insurance Commissioner Marlene Caride revised the figure downward, according to the New Jersey Compensation Rating & Inspection Bureau.
The data for the latest three complete policy years indicates a premium level adjustment factor of +3.6% due to experience and a trend factor of –11.4% to recognize changing exposures and losses, according to NJCRIB.
The average rate reductions per industry group include:
- Manufacturing -6.7%
- Contracting -7.0%
- Office & Clerical -3.5%
- Goods & Services -5.6%
- Miscellaneous -7.6%
- Maritime & FELA -4.5%
Effective January 1, 2023, the maximum weekly benefit with respect to all types of injuries, except permanent partial disabilities, will be changed from $1,065 to $1,099. The minimum weekly benefit will be changed from $284 to $293.
In permanent partial disability cases, the present maximum weekly benefits ranging from $284 to $1,065 will be changed to $293 and $1,099. The minimum weekly benefit for permanent partial injuries will remain at $35.
For 2022, the commissioner approved a 5.3% average reduction on rates after the NJCRIB had filed for a 4.9% reduction.
Was this article valuable?
Here are more articles you may enjoy.
Five Reasons Why the US Escaped a Hurricane Landfall So Far This Year 
Parkland Shooting Wasn’t Multiple Incidents With Multiple Deductibles, Court Says 
Authorities in Miami Investigating Death of Passenger on Cruise Ship 
As in Florida, Georgia Saw Big Jump in Lawsuits Ahead of Major Litigation Limits 
