Commissioner Approves 5.3% Rate Cut

The New Jersey Commissioner of Banking and Insurance approved a 5.3% decrease in rates for policies incepting on or after Jan. 1. The New Jersey Compensation Rating and Inspection Bureau recommended a 4.9% rate cut, but the commissioner revised the filing. Average rate changes will vary by industry group. The “miscellaneous” category will see the largest average decrease at 7.1%, while manufacturing will see the smallest at 2.6%, according to information provided by the Compensation Rating and Inspection Bureau. The bureau also announced that the commissioner approved changes to...