Substantial Decrease in Workers’ Compensation Rates

DELAWARE INSURANCE COMMSSIONER ANNOUNCES SUBSTANTIAL DECREASES IN WORKERS’ COMPENSATION RATES

In a January 28, 2015 press release, Delaware Insurance Commissioner Karen Weldin Stewart announced the approval of the Delaware Compensation Rating Bureau’s workers’ compensation amended rate filing. The approved rates result in an average decrease of 9.7% in the residual market rate and 11.5% in the voluntary market cost.

The decision to decrease the rates came about as a result of legislative changes that were recommended by the Governor’s Workers Compensation Oversight Panel of which firm partner Anthony M. Frabizzio is a member.

The decreases are being applied retroactively to December 1, 2014 for new and renewal business, and are expected to save employers about $20 million dollars in insurance costs in 2015.

Please call one of our Workers’ Compensation attorneys with any questions or concerns as to what this rate decrease means for you.