Delaware Insurance Commissioner Trinidad Navarro announces the state's workers' compensation insurance rates decrease for the ninth year in a row, effective 1 December. The voluntary market expects average loss costs to decrease by 11.6%, while the residual market sees an average rate reduction of 9.08%. Residual markets are often seen as the 'last resort' of coverage, and trends indicate meaningful movement to the traditional voluntary market. The announcement follows confirmation of the Delaware Compensation Rating Bureau (DCRB) filing by independent actuaries and a public hearing. Commissioner Navarro says his administration has been able to approve rate decreases for nearly ten years that "help local businesses, and can attract new companies and jobs to Delaware". He adds that bold policy changes have been successful in addressing the problem that previously saw Delaware businesses "pay some of the highest workers' compensation premiums in the country". These lower rates are just one component of several department efforts to help businesses. As of year-end 2024, 932 employers are saving an estimated US$4.9 million through the department’s Workplace Safety Programme. This programme allows eligible businesses to earn a discount on their insurance by successfully undergoing annual safety inspections and complying with recommendations.
