Workers comp insurance rate hike tops 7 percent
First State business owners will see their workers compensation insurance rates go up by more than 7 percent Dec. 1.
Insurance Commissioner Karen Weldin Stewart (D) approved the rate hike Tuesday, finalizing average increases of about 7.1 percent for residual market rates and 7.2 percent in voluntary market loss costs.
The Delaware Compensation Rating Bureau requested about a 15 percent increase earlier this year.
The public advocate proposed a 2.3 percent boost in October, while two other firms hired by the state Department of Insurance sought hikes between eight and 9.6 percent.
Weldin Stewart’s decision eats up much of the savings realized through legislation passed last year. That decreased workers comp rates by up to 11 and a half percent.
Nearly all businesses in Delaware are required to carry workers compensation insurance.