Annual Report: Rates Decrease Slightly in Rate-Maker's 100th Year

The New Jersey Compensation Rating and Inspection Bureau released its 100th annual report last week, marking the close of its first century as the state's rate-maker. The report recapped the state workers' compensation system's financial performance in 2016 and listed the rate changes that have been made so far in 2017. Some of the report's highlights were: After about a decade of medical cost inflation placing upward pressure on rates, the average cost of a medical claim is beginning to level off. A 3% reduction of manual rates went into effect Jan. 1, the first such dec...