American Property Casualty Insurance Association
  • Staff Contact: Brooke Kelley     
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Contact:

Brooke Kelley-Hunt

Phone:

847-894-3881

Email:

Brooke.kelley-hunt@pciaa.net

 

 

FOR RELEASE ON RECEIPT

February 21, 2014

PCI Issues Statement on Workers Compensation Rate Filing

Dover, Del. - Delaware Insurance Commissioner Karen Weldin-Stewart announced that she has approved the re-submission of the Delaware Compensation Rating Bureau (DCRB) workers’ compensation rate filing regarding the residual market rate and the voluntary market loss cost. Commissioner Stewart stated that increases of 11.4 percent in residual market rates and 14 percent in voluntary market loss costs were necessary. The following statement in response to the decision can be attributed to Oyango Snell, state government relations counsel for the Property Casualty Insurers Association of America (PCI).

“We commend Commissioner Stewart for attempting to balance the interests of all parties and recognizing that Delaware’s spiraling workers compensation costs threaten the state’s economy. This a clear step in the right direction, yet will still have more work to do. The initial filing by the Rating Bureau was actuarially justified and demonstrated the magnitude of the problem. The high medical costs in this state are taking a toll on injured workers, their co-workers, employers, and family members. The increase granted is necessary and highlights the need for effective workers compensation reforms to control escalating medical costs. PCI and our members will continue to be engaged in this issue as we work to drive the escalating costs down while providing quality care for injured workers.”

PCI is composed of more than 1,000 member companies, representing the broadest cross-section of insurers of any national trade association. PCI members write over $195 billion in annual premium, 39 percent of the nation’s property casualty insurance. Member companies write 46 percent of the U.S. automobile insurance market, 32 percent of the homeowners market, 37 percent of the commercial property and liability market, and 41 percent of the private workers compensation market.

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