Help

BI’s Article search uses Boolean search capabilities. If you are not familiar with these principles, here are some quick tips.

To search specifically for more than one word, put the search term in quotation marks. For example, “workers compensation”. This will limit your search to that combination of words.

To search for a combination of terms, use quotations and the & symbol. For example, “hurricane” & “loss”.

Login Register Subscribe

New Jersey seeks 6.9% workers comp rate increase for 2012

Reprints

NEWARK, N.J.—The New Jersey Compensation Rating & Inspection Bureau is seeking a 6.9% increase in workers compensation rates for next year, Executive Director Frederick Huber said Monday.

The bureau submitted a filing last week to the New Jersey Department of Banking and Insurance asking for the increase. Mr. Huber said the rate hike is being sought, in part, because of rising medical costs and a reduction in New Jersey's premium base during the recession.

“There's just less premium,” he said. “The economy, certainly the manufacturing and construction sectors, have been affected here in New Jersey like they have been in other states.”

Mr. Huber said an upcoming increase in workers comp benefits accounts for about 0.8 percentage points of the proposed rate hike. As of Jan. 1, 2012, minimum weekly benefits in New Jersey will increase to $216 from the current $211, while the maximum benefit will increase to $810 a week from the current $792.

The rate increase is now awaiting approval from New Jersey's insurance department, Mr. Huber said.

New Jersey's workers comp rates increased 3.9% this year compared with 2.6% decrease in 2010, according to a chart on the rating bureau's website.