NU Online News Service, April 13, 3:29 p.m. EST
Massachusetts Insurance Commissioner Joseph G. Murphy says his office has reached an agreement with the state's Workers' Compensation Rating and Inspecting Bureau (WCRIB) and the Attorney General's Office to hold workers' comp. rates steady until at least September 2012.
The WCRIB had asked for an overall 6.6 percent increase in March.
The commissioner notes in a statement that WCRIB filed for a 4.5 percent increase last year, but an agreement reached cut rates by 2.4 percent instead.
The agreement saves businesses $65 million in proposed increases. Keeping workers' compensation rates flat supplements other efforts by Gov. Deval L. Patrick to bring down insurance costs in the state, the statement says. Workers' compensation rates have been cut nearly 20 percent by the Patrick administration.
The WCRIB reached the agreement with the Attorney General and the State rating Bureau in March, but Murphy gave his stamp of approval on April 12.
According to Highline Data the top writers of workers compensation in Massachusetts in 2010 were American International Group (AIG) with a 17.3 percent market share, Liberty Mutual with 13 percent, Travelers with 10.8 percent, AIM Mutual with 9.8 percent, and Hartford Fire & Casualty with 9.2 percent.
Highline Data is part of Summit Business Media, which also owns National Underwriter.
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