Insurance Commissioner Trinidad Navarro announced that Delaware’s workers’ compensation rates will decrease for the seventh year in a row, effective December 1, 2023. The voluntary market is expected to decrease 7.24%, while the residual market will see a reduction of 11.18%.
Final rates will be announced later this fall, following a confirmation of the Delaware Compensation Rating Bureau (DCRB) filing by independent actuaries, and a public hearing. Actual savings will vary by policy.
Navarro said this year’s decrease reflects a second year of the reversal of voluntary and residual market trends. With the residual market expected to see a greater rate decrease, he said companies that previously could only obtain coverage in this ‘last resort’ market can now obtain voluntary market coverage.
More than 1,100 employers are saving even more on their premiums by participating in the department’s Workplace Safety Program, saving approximately $6.9 million last year. Eligible businesses can earn up to a 19% discount by successfully undergoing annual safety inspections and complying with recommendations.
Last December, the industry implemented an overall decrease to residual market rates of 16.14%, an overall decrease to voluntary market loss costs of 10.96%, along with revisions to rating values.
in December 2021, the voluntary market saw an average 20.02% reduction in loss costs and a 20.10% decrease in residual market rates.
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