Delaware: Rate hike lower than initial proposal

Businesses are seeing their workers' comp rates increase an average of 14.6 percent with those in the residual market up by 19 percent.

Insurance Commissioner Karen Weldin Stewart announced approval of an amended filing by the Delaware Compensation Rating Bureau, effective last month.

The bureau initially proposed an average increase of 38.3 percent in the voluntary market loss costs and 43.5 percent in the residual market. The Insurance Department scrutinized the proposal through public information sessions, examination of the DCRB's data collection processes, and the hiring of two independent actuarial firms.

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"The amended rates I approved were the best balance between the several considerations that bear on the workers' compensation filing. Using the 2010 policy year, the range of savings between the DCRB original filed amount and the approved amount is estimated to be more than $22 million," Stewart said. "I look forward to continuing dialogue and cooperation between the Department of Insurance, the Department of Labor, the Health Care Advisory Panel, the DCRB and other interested parties to better understand the Delaware workers' compensation system and to identify potential opportunities to make that system more efficient and effective in serving all of the key constituencies of the Delaware workers' compensation system."

Read more at the WorkersComp Forum homepage.

February 11, 2013

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