NJ Insurance Rates Decrease 5.8%

The Commissioner of Banking and Insurance (“Commissioner”) has approved a 5.8% decrease in rates and rating values applicable to New Jersey workers’ compensation and employers’ liability insurance effective January 1, 2020 on a new and renewal basis.

The Rating Bureau filed for a decrease of 3.8% in rates and rating values; however, the Commissioner revised the overall change to the approved amount of -5.8%.

The rating components of the approved decrease are summarized in this Circular Letter, issued concurrently with Manual Amendment Bulletin #493, Manual Amendment Bulletin #494 and Statistical Circular #126.