Insurance Department Approves Double-Digit Rate Cuts

The Delaware Department of Insurance approved a 21.02% reduction in voluntary market loss costs and a 20.01% cut to residual market rates. Rates, loss costs and expected loss factors the department approved take effect Dec. 1. The Delaware Compensation Rating Bureau agreed to lower the rates after a discussion with the state’s ratepayer advocate, the department said in a statement. Insurance Commissioner Trinidad Navarro said the fifth consecutive rate decrease is a result of employer efforts to improve workplace safety. “We have worked hard to lower workers' compensat...