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Delaware’s workers compensation rates will decrease for the third year in a row, Insurance Commissioner Trinidad Navarro said Monday.
Businesses in the state will see an average decrease of 12.75% in the residual market and an average decrease of 13.29% in the voluntary market, Mr. Navarro said in a statement. However, actual policy changes may vary depending on various factors including class codes or insureds, according to the commissioner.
The Delaware Compensation Rating Bureau approved the workers compensation rate decreases last week after the Department of Insurance’s independent actuaries and the state’s ratepayer advocate reviewed the proposal.
The decrease will take effect Dec. 1.
Delaware’s workers compensation insurance rates will decrease effective Dec. 1, 2017.