Del. N.J., Conn. Approve Workers’ Comp Rate Hikes

Delaware Insurance Commissioner Karen Weldin Stewart announced on Jan. 4 the approval of an amended filing submitted by the Delaware Compensation Rating Bureau Inc. (DCRB) which proposed an overall average increase of 14.6 percent in voluntary market loss costs and 19 percent in residual market rates.

The DCRB made an initial filing in August. The rates and loss costs in the amended filing are lower than those in the initial filing, which proposed an average hike of 43.5 percent in the residual market and 38.3 percent in voluntary market loss costs.

Additionally, the New Jersey Department of Banking and Insurance approved last December an 8.3 percent hike in manual rates and rating values applicable to New Jersey workers’ comp and employers liability insurance effective Jan. 1 on a new and renewal basis.

Also last month, the Connecticut Insurance Department approved National Council on Compensation Insurance’s workers’ comp insurance filing for a change in voluntary market advisory loss costs and a change in assigned risk rates for workers’ comp insurance. The changes took effect Jan. 1.

The approved proposal includes an overall loss cost level change of +7.1 percent and an overall +0.4 percent change in assigned risk rates. Changes to individual classification costs have been limited to 20 percent of the industry group change.