Premiums for workers' compensation insurance will increase inWashington and New Jersey in 2014, according to recent statedepartment reports.
|Washington's Department of Labor and Industries said this weekthat premiums will increase by an average of 2.7% for all stateemployers, the first uptick in three years.
|“This modest increase in rates is part of a long-term plan toensure steady and predictable rates by benchmarking against wageinflation,” says department Director Joe Sacks.
|He says that the increase will bring in about $55 million inadditional premiums next year, and will be combined with acost-reduced claims process that will save the WC system $35million to $70 million by June 2014.
|The New Jersey Commissioner of Banking and Insurance hasapproved a 3.6% increase on new and renewed rates as of January2014, partly in order to fund increasing workers' compensationbenefits for all types of injuries except permanent partialdisabilities.
|The maximum weekly benefits will increase from $826 to $843 inthe state, while the minimum weekly benefit will increase from $220to $225.
|Additional premium charges for terrorism and other catastrophesat three cents and one cent per unit of exposure, respectively,apply to all non-excluded policies.
|California's insurance commissioner, Dave Jones, recommended a 6.7% increase in workers' compensation rates for2014 to buffer the system's fluctuations in recent years, and whichhit a combined ratio of 140 in 2010.
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