New Jersey comp regulators up rate decrease for 2023

The New Jersey Compensation Rating and Inspection Bureau on Saturday announced a 6.1% decrease in workers compensation insurance rates effective in 2023.

The rating bureau filed for a decrease of 4.7% in rates and rating values, however, the state insurance commissioner revised the reductions based on “the latest financial and statistical data reported to the Rating Bureau, which includes losses resulting from the COVID-19 pandemic.”

Also effective Jan. 1, 2023, the maximum weekly benefit for all types of workplace injuries, except permanent partial disabilities, will be raised to $1,099 from $1,065. The minimum weekly benefit will increase to $293 from $284. In cases involving permanent partial disabilities, the present maximum weekly benefits ranging from $284 to $1,065, based on duration of disability, will be changed to $293 to $1,099.