On March 27, 2020, the MA Division of Insurance approved an average 6.8% decrease in existing Workers’ Compensation insurance rates, effective July 1, 2020. This comes just two years after the previous filing, through which an average 12.9% rollback was approved effective July 1, 2018. In addition to the rate change, changes will be made to certain aspects of the Experience Rating Plan, such as Expected Loss Rates.
Additional information on this can be found via the following links:
- Division of Insurance press release
- Workers’ Compensation Rating & Inspection Bureau of MA (WCRIBMA) changes in rates by classification
- WCRIBMA changes in manual rates and rating values