Comp Rates to Drop for Fourth Consecutive Year

Delaware Insurance Commissioner Trinidad Navarro on Tuesday announced that workers’ compensation rates will decrease for a fourth consecutive year with an average 11.56% reduction in voluntary market loss costs and an 8.8% drop in residual market rates. The Delaware Compensation Rating Bureau initially proposed smaller reductions, including a 4.36% cut to residual market rates and a 7.26% reduction in voluntary market loss costs. Following discussions with the Delaware Department of Insurance and the state’s ratepayer advocate, the bureau agreed to propose the larger cuts, th...