The Massachusetts Division of Insurance has approved a 6.8% reduction in the existing overall average workers’ compensation insurance rates for policies effective on and after July 1, 2020.
The rate decrease was the result of a compromise reached by the State Rating Bureau, the Workers’ Compensation Rating and Inspection Bureau of Massachusetts (WCRIB) and the Attorney General’s Office.
“We appreciate the collaboration by all the parties to lower workers’ compensation rates,” said Commissioner of Insurance Gary D. Anderson in a press release issued by the Massachusetts Division of Insurance. “This relief removes any further delay and uncertainty for policyholders and is especially important for businesses grappling with the economic impact of the COVID-19 public health crisis.”