Here's some welcome news for Massachusetts employers.
On April 20, the state's Division of Insurance announced that Workers' Compensation rates will rise only an average 1.5% beginning July 1. The minimal increase is thanks to a settlement between the Division of Insurance's State Rating Bureau, the Workers' Compensation Rating and Inspection Bureau (WCRIB), and the Office of the Attorney General.
The WCRIB originally requested an increase of 6.4%. As a result of the settlement, however, employers in Massachusetts will save approximately $50 million annually in Workers' Compensation premiums. The WCRIB's original rate filing also included an experience rating offset proposal. This proposal was removed from the final settlement, resulting in an additional savings to employers of $30 million in premiums.
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Rosalie Donlon
Rosalie Donlon is the editor in chief of ALM's insurance and tax publications, including NU Property & Casualty magazine and NU PropertyCasualty360.com. You can contact her at [email protected].
