NJCRIB Announces 4.3% Rate Decrease

The New Jersey Compensation Rating and Inspection Bureau announced that rates will drop 4.3% for new and renewal policies issued on or after Jan. 1. Reductions will vary by industry group, with the miscellaneous sector seeing the largest average reduction at 6.7%, followed by the office and clerical sector, with an average 6.4% decrease. The average reduction is 4.4% for manufacturing, 3.8% for contracting and 2.8% for goods and services. The bureau also announced that the Department of Banking and Insurance approved changes to the Workers' Compensation and Employers Liability Insurance ...