Wilmington, Delaware — Delaware Insurance Commissioner Trinidad Navarro has announced that workers’ compensation insurance rates will decrease again, effective December 1, marking the ninth consecutive year of reductions. The voluntary market is expected to see an average loss cost decrease of 11.6%, while the residual market, often considered a last-resort option due to cost, high risk, or claims history, will experience an average reduction of 9.08%. Trends show a steady shift toward the voluntary market over recent years.
The announcement follows the Delaware Compensation Rating Bureau filing confirmed by independent actuaries and a public hearing with the DCRB and the State’s Ratepayer Advocate. Actual savings will vary by policy. “For nearly ten years, my administration has been able approve rate decreases that help local businesses, and can attract new companies and jobs to Delaware,” said Commissioner Navarro. “Delaware’s businesses used to pay some of the highest workers’ compensation premiums in the country, but bold policy changes have been successful in addressing that problem. Our businesses are also doing their part by committing to reducing risk through employee protections and creating safe work environments.”
Workers’ compensation insurance provides coverage when an employee is injured on the job, including medical care and wage replacement if the employee cannot work. Lower premiums do not affect the amount of compensation an injured worker receives. These lower rates are part of broader efforts to assist businesses. As of year-end 2024, 932 employers saved an estimated $4.9 million by participating in the department’s Workplace Safety Program, which offers discounts to businesses that pass annual safety inspections and comply with recommended safety measures. Businesses eligible for the Workplace Safety Program are notified seven months before their renewal date. Interested organizations can access questionnaires online and contact safety@delaware.gov to begin participation. Only benefits are gained from participating; failing to qualify does not result in premium increases or other penalties.
More information is available at https://www.dcrb.com/dcrb.
Photo: delaware.gov