Delaware approves double-digit rate cuts

The Delaware Department of Insurance approved a 21.02% reduction in voluntary market loss costs and a 20.01% cut to residual market rates.

Rates, loss costs and expected loss factors the department approved take effect Dec. 1.

The Delaware Compensation Rating Bureau agreed to lower the rates after a discussion with the state’s ratepayer advocate, the department said in a statement.

Insurance Commissioner Trinidad Navarro said the fifth consecutive rate decrease is a result of employer efforts to improve workplace safety.

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