Commissioner Approves 3.9% Rate Cut

The New Jersey Commission of Banking and Insurance approved a 3.9% rate cut for workers’ compensation and employers’ liability policies incepting on or after Jan. 1. Average rate changes will vary by industry group. The goods and services section will see the largest average decrease at 4.5%. The office and clerical group will see the smallest decrease at 3%. Rates will decrease an average of 3.8% for manufacturing, 3.5% for the miscellaneous category and 3.4% for contracting. The New Jersey Compensation Rating and Inspection Bureau also announced that the commissione...