The New Jersey Commissioner of Banking and Insurance has approved a 3.9% decrease in rates and rating values applicable to New Jersey workers compensation insurance on new and renewal policies.
The approved rate change, effective Jan.1, 2024, is based on the latest financial and statistical data reported to the state Rating Bureau, which includes losses resulting from the COVID-19 pandemic, according to a statement issued by the commissioner.
Also effective Jan. 1, the maximum weekly benefit for all types of injuries, except permanent partial disabilities, increases to $1,131, from $1,099, and the minimum weekly benefit rises to $302, from $293.
The weekly benefit range for permanent partial disability claims increases Jan. 1 to $302 and $1,131, depending on the duration of the disability, from the current $292 to $1,099.