12
Oct

New Jersey Workers’ Comp Insurers Seek 6.9% Rate Hike

The New Jersey Compensation Rating & Inspection Bureau has filed a
request with regulators to increase workers’ compensation rates by 6.9
percent effective 2012.

“It will be reviewed by the Department of Banking and Insurance. A
6.9 percent increase is proposed, effective January 1, 2012. It was
filed last Tuesday, Oct. 4,” Bureau’s executive director Frederick Huber
told Insurance Journal.

Commenting on the state’s workers comp conditions, Huber said that
after a long period of frequency going down, it’s leveled out somewhat.
Also, medical costs continue to rise and indemnity costs are rising
slightly, this in connection with a decreased level of premium base due
to a slowdown in the economy in New Jersey.

He also noted the rising workers comp benefits that will become
effective beginning next year. Under the change, the minimum workers
comp benefit amount per week will go up by $5, from $211 to to $216. The
maximum amount per week will go up by $18, from $792 to $810.

-Robert Catalano

Source: http://www.insurancejournal.com/news/east/2011/10/12/219666.htm