The Workers’ Compensation Rating & Inspection Bureau issued the news in a Special Bulletin
On August 26, 2015, the Workers’ Compensation Rating & Inspection Bureau issued Bulletin 08-15 entitled “Updated Information On Residual Market Share.” In the Bulletin, the WCRIB-MA reported that the estimated residual market share for the 12 months ending in June 2015 is now 19.1%. This is an increase of .3% over the numbers last released in January of this year and 2.5% over the 2013 number. In comparison, in the same 12 month period ending in June 2011, the residual market was 13.9%.
It is also interesting to note that since the policy year 2011 through policy year 2014, the Estimated Ultimate Residual Market Share has increased from 12.2% to 19.2%, an increase of 7%.
The following graphs, courtesy of the Workers’ Compensation Rating and Inspection Bureau of Massachusetts, tracks the Estimated Ultimate Residual Market Share of a 12 Month Moving Average. While it is down .1% from the same time last year, the market share has nonetheless passed the 19% mark.
Massachusetts workers’ compensation rates remain among the lowest in the nation
As a corollary to the above trends, it is noteworthy to mention that in November of 2014, the biennial study by the Oregon Department of Consumer and Business Services was published. In that study, Massachusetts continues to be ranked among the states with the lowest rates for workers’ compensation insurance.
How Massachusetts fares in the 2014 Study
Overall, the results show that Massachusetts continues to rank as one of the states with the lowest worker’s compensation rates in the country. Moving down four spots from the 2012 study, Massachusetts now ranks as the 48th least expensive state for worker’s compensation insurance along with Virginia. North Dakota is the cheapest while California continues in the top spot as the most expensive state. Out of the New England states, Connecticut is the most expensive, ranking as the second most expensive state nationally for worker’s compensation rates while Massachusetts is the cheapest. As for the other New England states, Vermont came in second, ranking eighth nationally, followed by New Hampshire at number 12, quickly followed by Maine at number 13, followed by Rhode Island at number 20.
The following is the Oregon Department of Consumer and Business Services Workers’ Compensation Premium Rate Ranking for the 50 states: