State's Insurance Rates Dropping 5.1% on Jan. 1

The New Jersey Commissioner of Banking and Insurance has approved an overall 5.1% rate decrease for workers’ compensation insurance on a new and renewal basis, effective Jan. 1. New Jersey had the second-highest workers’ comp rates, behind California, in the Oregon Department of Consumer and Business Services’ ranking in October 2016. The amount of the rate decrease was determined by analyzing data for the latest two complete policy years and the latest calendar-accident year. The analysis indicated a premium level adjustment factor of -9.1% due to experience, and...