Massachusetts’ businesses will save $150 million in workers’ comp under a settlement to lower rates, according to the Massachusetts Attorney General’s Office.
The settlement was reached between the Attorney General’s Office and the State Rating Bureau and Workers’ Compensation Rating and Inspection Bureau. The settlement results in an average rate rollback of 12.9% on workers’ comp insurance rates in Massachusetts.
After a review of data in December with the Attorney General’s Office and the State Rating Bureau, the industry informed the Division of Insurance that rates should decrease by 11.1%. Following a public hearing ni January along with a review of additional