Chesapeake Employers Insurance is returning $50 million dollars to qualifying policyholders for their 2024 corporate dividend and has lowered their rates to 4%.

Effective April 1, 2024, the company will lower its overall net rates by 4%, further easing workers’ compensation insurance expenses on Maryland’s business owners. This rate
decrease totals a 37% rate reduction over the past nine years.

“We are committed to helping Maryland businesses thrive and supporting employers and their workers throughout the state,” said Mark Isakson, CEO of Chesapeake Employers Insurance. “Reducing our rates is just one way we can help lower the cost of doing business in our state during a difficult period of rising borrowing costs and inflation.

Additionally, for the seventh consecutive year, Chesapeake Employers Insurance is paying a corporate dividend to their eligible policyholders; this year’s dividend of $50 million brings a total of $120 million reinvested in growing Maryland’s businesses, workers, and economy. This means that approximately 90% of policy holders will receive a corporate dividend in 2024.

In 2023, Chesapeake Employers’ financial performance exceeded expectations. As Maryland’s only nonprofit workers’ compensation insurance carrier, the company decided to reinvest their profits back into their policyholders’ businesses as member dividends for eligible customers.

Click here to see more details on eligibility and the changes to the 2024 Corporate Dividend Calculation & Payments