Commissioner Approves 5.3% Workers' Compensation Rate Cut in New Jersey

Workers' Compensation Rate Cut

Just a few days after Florida dropped workers' compensation rates for 1/1/22 by 4.9%, the New Jersey Commissioner of Banking and Insurance approved a 5.3% decrease.

Coincidentally enough, the New Jersey Compensation Rating and Inspection Bureau recommended a 4.9% rate cut, but the commissioner revised the filing.

Average rate changes will vary by industry group. The “miscellaneous” category will see the largest average decrease at 7.1%, while manufacturing will see the smallest at 2.6%, according to information provided by the Compensation Rating and Inspection Bureau.

The bureau also announced that the commissioner approved changes to the Workers Compensation and Employers Liability Insurance Manual.

A summary of manual changes is available here.

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