Delaware’s workers’ compensation insurance rates, paid by employers, will decrease for the ninth year in a row starting Dec. 1.
The voluntary private market’s average loss costs are expected to decrease by 11.6%, while the residual market for high-risk businesses that cannot purchase coverage on the voluntary market will see an average rate decrease of 9.08%.
In announcing the rate decision, Insurance Commissioner Trinidad Navarro indicated that there has been a “significant movement” from the residual market to the voluntary market over the past several years.
The announcement follows confirmation of Navarro’s filing by independent actuaries to the Delaware Compensation Rating Bureau (DCRB), and a public hearing with the DCRB and the state’s ratepayer advocate. Actual savings will vary by policy.
The latest decline continues the downward trend in prices in the state:
- For December, 2024, the state approved an 8.4 percent average loss cost reduction in the voluntary market, and a 9.21 percent reduction in the residual market.
- In December 2023, loss costs in the voluntary market decreased by 7.24 percent, while the residual market rate decreased by 11.18 percent.
- In December 2022, the overall voluntary market declined by 10.96% with the revision of rating values, and the overall market residual rates declined by 16.14%.
- In December 2021, the voluntary market saw an average drop of 20.02% in loss costs and a 20.10% drop in residual market rates.
Titles
Ability to compensate workers
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