Vermont workers’ compensation rates are moderating for the third year in a row, Commissioner John P. Crowley of the Department of Banking, Insurance, Securities and Health Care Administration announced.
Crowley approved a loss cost increase of 1.4 percent for the voluntary market and a rate decrease of 2.6 percent in the assigned risk market, effective April 1, 2006.
The 2006 rate changes are a significant drop from the double-digit figures of the recent past, which stemmed from a hard insurance market affecting all lines of property and casualty insurance, both in Vermont and across the country, Crowley noted.
A further sign that the market is stabilizing is the fact that, after years of increases, the number of employers in the assigned risk market decreased by 24 percent in 2005.
Topics Workers' Compensation
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