Del. Workers' Comp Rates Hiked By Smaller Amount

Delaware Insurance Commissioner Karen Weldin Stewart on Thursday approved an increase in workers’ compensation premiums, agreeing to about half the hike proposed earlier.

The changes are expected to cost Delaware businesses $22 million less than the original proposal filed by the Delaware Compensation Rating Bureau Inc., in August, Stewart said.

The action followed an intensive review by the state Insurance Department. In effect, it reduces the increase for the so-called residual market rates – where higher-risk businesses such as those providing insurance for road workers buy policies – from 43.5 percent to 19 percent.

A change in the voluntary market, or general market – which represents 93 percent of businesses required to provide insurance – reduces the hike from 38.3 percent to 14.6 percent.

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