Delaware Workers' Compensation Rates for 2017
No Change in Delaware Workers’ Compensation Rates for 2017
As part of our ongoing effort to keep you informed of insurance industry changes and how those changes may affect you and your business, we are able to announce that workers’ compensation rates in the state of Delaware will not increase in 2017.
The Department of Insurance and the Delaware Compensation Rating Bureau (DCRB) annually review insurance rates and original filings initially proposed average increases in residual market rates as well as voluntary market loss costs across the board for the upcoming year. However, after consideration, Delaware Insurance Commissioner, Karen Weldin Stewart, announced that the average rate will remain flat with no increase.
“I hope this is the beginning of a period of rate stabilization in the workers’ compensation market,” Commissioner Stewart said in a press release issued by the Delaware Department of Insurance. Keeping workers’ compensation rates flat for 2017 will have a positive impact on employers and their insurance packages.
It is important to note that these rates are the average. Certain classification codes may experience an increase or decrease in the actual rate.
If you have further questions or would like more information regarding your specific workers’ compensation rate, please speak with one of the advisors at Arthur Hall Insurance who will be happy to assist in reviewing your current situation and advise you accordingly.