WCRIBMA Requests An 8.3% Decrease in Rates
The Division of Insurance held a virtual meeting on the matter this month
The Workers’ Compensation Rating and Inspection Bureau of Massachusetts (“WCRIB”) announced in late December 2023 that it was submitting a new rate filing for 2024. The request is seeking an 8.3% decrease in average workers’ compensation rates for industrial classes with an effective July 1, 2023.
In response to the request and in accordance with Massachusetts General Law c. 152, §53A, the Division of Insurance held a virtual meeting on the matter on February 7, 2023.
When was the last time the WCRIBMA filed a rate request?
On December 23, 2022, the Division of Insurance filed its last rate request seeking a 4% decrease in rates. Before that it had been three years since the WCRIBMA last filed a rate request, back in January 2020. At that time, the WCRIBMA was seeking a 3.8% decrease. Prior to that, the WCRIBMA had not made a rate request since the end of 2017, when it asked for an average statewide rate decrease of 11.1%. .
After that, one would have to go back to 2016, as the last time the WCRIBMA submitted a Rate Filing requesting an increase in workers compensation rates.
For those interested in learning more about the current makeup of the Worker’s Compensation Insurance Marketplace in Massachusetts, please refer to our most recent market share reports listing the top insurers in this line of insurance both across the U.S. and in the Commonwealth:
More information on the rate filing
For those interested in reading the WCRIBMA’s rate filing, a copy of the document and Circular Letter can be found on the WCRIBMA website. A copy of the filing is below:
