I case you haven’t heard, I wanted to let you know that the Delaware Insurance Commissioner Karen Weldin Stewart has announced an increase in Workers’ Compensation rates of 11.4% in residual market rates and 14% in voluntary markets. The effective date of the increase is retroactive to December 1, 2013 for new and renewal business.
While this is certainly less than the 40% increase requested by the Workers’ Compensation Rating Bureau, DANA still believes that more must be done to reform the system. This is the second rate hike in as many years. We, as nonprofits, cannot pass these added costs to our “customers” as other businesses can. Instead, it comes out of the services that we are providing. Less services in a time of such great need is not what Delaware needs.
We will continue to work with the Delaware Insurance Commissioner, the Lt. Governor, and the Governor to initiate real system-wide reform to ensure proper operation of the system as required by the statute with a goal of keeping future increases as small as possible, as well as safety improvement programs implemented by nonprofits to keep costs down.
If you’d like to read the full article from the State of Delaware, click here.
If you’d like more information about the Delaware Department of Insurance, click here.
As always, please feel free to reach out to me with any comments or questions at email@example.com or 302.777.5500.