Workers comp rate hike proposal roughly 15 percent
The Delaware Compensation Rating Bureau is proposing double-digit increases for workers compensation insurance rates after state officials dropped prices earlier this year.
It’s a return to a trend state lawmakers and others had hoped to avoid after passing several reforms over the past two years – including folding hospitals into price control measures.
But in its proposal, the Delaware Compensation Rating Bureau is telling Insurance Commissioner Karen Weldin Stewart (D) to hike rates on average about 15 percent. That’s significant, as most businesses in Delaware are required to carry workers comp insurance.
Much of the boost, according to the proposal, comes from significant spikes in medical costs over the past year.
It’s still nowhere near back-to-back filings from DCRB that sought up to 40 percent increases in 2012 and 2013..
Stewarts’ office will hold three public comment sessions in Dover, Georgetown and Wilmington later in October.