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The Division of Insurance coverage held a digital assembly on the matter this month
The Staff’ Compensation Score and Inspection Bureau of Massachusetts (“WCRIB”) introduced in late December 2023 that it was submitting a brand new charge submitting for 2024. The request is looking for an 8.3% lower in common employees’ compensation charges for industrial lessons with an efficient July 1, 2023.
In response to the request and in accordance with Massachusetts Basic Regulation c. 152, §53A, the Division of Insurance coverage held a digital assembly on the matter on February 7, 2023.
When was the final time the WCRIBMA filed a charge request?
On December 23, 2022, the Division of Insurance coverage filed its final charge request looking for a 4% decrease in rates. Earlier than that it had been three years for the reason that WCRIBMA final filed a rate request, back in January 2020. At the moment, the WCRIBMA was looking for a 3.8% lower. Previous to that, the WCRIBMA had not made a charge request for the reason that finish of 2017, when it requested for an average statewide rate decrease of 11.1%. .
After that, one would have to go back to 2016, because the final time the WCRIBMA submitted a Charge Submitting requesting a rise in employees compensation charges.
For these curious about studying extra in regards to the present make-up of the Employee’s Compensation Insurance coverage Market in Massachusetts, please discuss with our most up-to-date market share reviews itemizing the highest insurers on this line of insurance coverage each throughout the U.S. and within the Commonwealth:
Extra info on the speed submitting
For these curious about studying the WCRIBMA’s charge submitting, a duplicate of the doc and Round Letter will be discovered on the WCRIBMA web site. A replica of the submitting is under:
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