Delaware Workers’ Compensation Rates to Drop by Double Digits: Navarro

Delaware workers’ compensation insurance rates will decrease for the sixth year in a row, effective December 1, 2022. Both the voluntary market and the residual market will see rate decreases in the double digits.

The Delaware Compensation Rating Bureau (DCRB) has proposed an overall decrease to residual market rates of 16.14%, an overall decrease to voluntary market loss costs of 10.96%, and revisions to related rating values.

Insurance Commissioner Trinidad Navarro said final rates are expected to be announced in early November, following a review of the DCRB filing by independent actuaries, and a public hearing.

Last December, the voluntary market saw an average 20.02% reduction in voluntary market loss costs and a 20.10% decrease in residual market rates.