rate decrease News

Delaware Workers’ Comp Rates Drop for Fourth Year in a Row

Delaware workers’ compensation insurance rates will decrease for the fourth year in a row, effective December 1, 2020. This comes as the voluntary market is seeing yet another double-digit decrease in loss costs, with an average 11.56% reduction, and residual …

Vermont Unemployment Insurance Decrease Aims to Help During COVID

Vermont businesses are going to be getting a break on the costs of their unemployment insurance, and people collecting unemployment benefits will be getting more money, Governor Phil Scott said Tuesday. Starting July 1, the Vermont Department of Labor will …

Statewide Overall Decrease of 7.5% Approved for Florida Workers’ Comp Rates

Florida Insurance Commissioner David Altmaier has issued a final order granting approval to the National Council on Compensation Insurance (NCCI) for a statewide overall decrease of 7.5% for Florida workers’ compensation insurance rates. This applies to both new and renewal …

State Farm to Cut Rates in Maryland for Second Time in Two Years

State Farm Insurance Companies will cut its rates in Maryland for the second time in two years. As a result, its overall personal auto rate will drop by 1.4 percent. The total state-wide expected impact for State Farm by this …

700K State Farm Customers in Arizona Getting 3% Auto Insurance Rate Cut

State Farm Mutual Automobile Insurance Co. is dropping its overall personal auto insurance rate by 3 percent in Arizona. The total state-wide expected impact for State Farm Mutual by this rate decrease in Arizona will be roughly $22.3 million. Combined …

Vermont Workers’ Comp Rates to Decrease for Third Year in a Row

Workers’ compensation insurance will continue to cost less for most Vermont employers when new rates approved by the Department of Financial Regulation (DFR) become effective on April 1, 2019. This is the third rate decrease since Governor Phil Scott took …

Connecticut Approves 17% Workers’ Comp Rate Cut for 2019

The Connecticut Insurance Department has approved a nearly 17 percent decrease in rates for workers’ compensation insurance, marking the fifth consecutive year that rates have dropped in Connecticut. “This steady drop – nearly 50 percent over the last five years …

Washington Employers May See Big Drop in 2019 Workers’ Comp Rates

The price of workers’ compensation insurance in Washington could drop significantly in 2019. The Washington Department of Labor & Industries this week proposed a 5 percent decrease in the average premium employers pay for the coverage. If approved, the rate …

New York Board Proposes 11.7% Decrease in Workers’ Comp Rates

The New York Compensation Insurance Rating Board (NYCIRB), a non-governmental rate service organization, has proposed an 11.7% decrease in the overall loss cost level in New York State. The change was proposed in its 2018 loss cost filing with the …

New Hampshire Workers’ Comp Rates May Decrease for Sixth Year in a Row

New Hampshire employers could pay less for their workers’ compensation insurance next year because of a filing that lowers the rates and loss cost factors insurers use to develop prices. This move would mark the sixth year in a row …