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Delaware’s workers compensation insurance rates will decrease effective Dec. 1, 2017.
Rates will decrease by about 5.7% for the residual market and about 3% for the voluntary market, the Delaware Department of Insurance said in a statement on Wednesday. The residual market provides coverage through the Delaware Workers Compensation Insurance Plan for employers unable to secure coverage through the voluntary market, meaning the two state licensed insurers have declined to provide comp coverage to the employers.
The Delaware Compensation Rating Bureau’s workers comp rate decrease was approved on Tuesday after a review by the Delaware insurance commissioner’s independent actuaries and the state’s ratepayer advocate examination of the bureau’s original filing, according to the statement.
“The entire process went smoothly and efficiently as all actuaries and examiners agreed that a decrease was the absolute best outcome for Delaware businesses,” Delaware Insurance Commissioner Trinidad Navarro said in the statement. “This insurance rate decrease has a direct impact on Delaware’s employers, enabling them to lower their costs and hopefully employ more Delawareans. Employers can realize additional savings of up to 19% on their premiums by enrolling in our workplace safety program.”
The Idaho Department of Insurance said Monday that workers compensation rates will drop 5.8% next year.