Delaware will see a decrease in workers’ compensation insurance rates, effective December 1.
“I am delighted to approve yet another decrease in workers’ compensation rates in Delaware and even happier to see a double-digit average decrease in the voluntary market,” stated Insurance Commissioner Trinidad Navarro. “For many Delaware businesses, large and small, this year’s decrease means significant savings and is an incentive for smaller businesses to relocate to Delaware and employ more Delawareans.”
Businesses have struggled with high workers comp insurance rates, but have seen some moderation of rates after the passage of legislation aimed at reforming the system after some businesses indicated they were weighing a move to neighboring Maryland.
Delaware also continues to deal with high health care costs that can make their way into the system.
A 2018 report from the State of Oregon still lists Delaware with the fifth highest workers comp insurance rates among the 50 states. New York ranks first in the nation, with California, New Jersey and Alaska ranking ahead of the First State. Pennsylvania ranks 17thwith Maryland at 39.
The Delaware Compensation Rating Bureau workers’ compensation rate decreases were approved on Monday October 15 after review by the Department of Insurance’s independent actuaries and the State’s Ratepayer Advocate.
“The decreases, which are slightly greater than the original filing, are an average 7.29 percent for the residual market and an average of -10 percent for the voluntary market. It is important to keep in mind that these are average changes and actual changes to a particular policy may vary depending on, among other things, class codes or insureds,” a state Insurance Department release stated.
Navarro added, “I want to thank everyone involved in this process for their hard work and ensuring that it went smoothly and efficiently. I am also pleased that for the second year in a row, all actuaries reviewing this filing agreed that another drop in workers’ compensation rates was warranted. Lastly, I want to acknowledge the Department’s Workplace Safety Program and its dedicated staff for their work in helping Delaware businesses save up to 19 percent on premiums for providing a safe working environment.”
Employers who wish to take advantage of the Delaware Workplace Safety Program can visit its webpage at www.insurance.delaware.gov/workplacesafety, or call at (302) 674-7377.
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