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An 11.5% decrease in Delaware voluntary workers compensation rates has been approved based on a recommendation from the Delaware Compensation Rating Bureau.
Delaware Insurance Commissioner Karen Weldin Stewart approved the rating bureau's filing and said the decrease is expected to save employers approximately $20 million in insurance costs this year, the Delaware Department of Insurance said Wednesday in a statement.
Ms. Weldin Stewart attributed the rate cut to a decrease in health care costs that had been, driving up workers comp rates in recent years.
The Delaware Department of Insurance also approved a 9.7% decrease in Delaware's residual workers comp market rate, according to the statement.
The voluntary and residual market rate changes are retroactive to Dec. 1, 2014, for new and renewal business, the department said.
Louisiana businesses will see a 2.4% cut in workers compensation insurance rates as of May 1, 2015, according to the state's insurance department.