Rating Bureau Files Proposed Increase, Concerns Over Higher Risk Pool Numbers

The Massachusetts Workers' Compensation Rate and Inspection Bureau is recommending a 6.4% increase in average premium rates, effective from July 1, 2016. In a bulletin issued Wednesday, the Workers' Compensation Rate and Inspection Bureau (WCRIB) said it submitted the rate filing to the Division of Insurance on behalf of its members. The rate hike proposal comes on the heels of another WCRIB bulletin revealing that more than one in every five workers' compensation dollars paid by employers in Massachusetts is spent in the higher risk residual market. At the end of October, ...