The Workers’ Compensation Rating & Inspection Bureau issued the news in a Special Bulletin
On December 22, 2014, the Workers’ Compensation Rating & Inspection Bureau issued Bulletin 12-14 entitled “Updated Information On Residual Market Share.” In the Bulletin, the WCRIB-MA reported that the estimated residual market share for 2014 is 18.8%. This is an increase of 2.0% over the 2013 number. In comparison, the residual market share numbers for 2011 was 11.6%.
As you can see the total number of new applications has increased throughout 2014.
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, 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: