Vermont workers’ compensation rates are moderating for the third year in a row, Commissioner John P. Crowley of the Department of Banking, Insurance, Securities and Health Care Administration announced.
Crowley approved a loss cost increase of 1.4 percent for the voluntary market and a rate decrease of 2.6 percent in the assigned risk market, effective April 1, 2006.
Big drop
The 2006 rate changes are a significant drop from the double-digit figures of the recent past, which stemmed from a hard insurance market affecting all lines of property and casualty insurance, both in Vermont and across the country, Crowley noted.
A further sign that the market is stabilizing is the fact that, after years of increases, the number of employers in the assigned risk market decreased by 24 percent in 2005.
Was this article valuable?
Here are more articles you may enjoy.
GEICO Avoids Class Action Over Totaled Vehicle Payouts in New Jersey 
Lockton Named in NBA Investigation Into Clippers Salary Cap Circumvention 
FBI Investigating Possible Exposure of Millions of American IDs 
Viewpoint: How Federal Ban on Intoxicating Hemp Products Will Reshape Risk, Coverage From This Issue
