Massachusetts employers to share in $150M workers' comp rate relief

The insurance industry last year sought an 11.1 percent cut in workers' compensation rates, but a settlement that was announced Thursday calls for an average 12.9 percent reduction that officials say will save employers $150 million.

Attorney General Maura Healey announced the deal with the State Rating Bureau and the Workers' Compensation Rating and Inspection Bureau, saying the industry agreed to the additional rate relief after her office intervened in a rate case before the state Division of Insurance.

Massachusetts employers must buy workers' compensation insurance, and rates are reset at least every other year.

"When we lower the rates for workers' compensation insurance, we protect workers and allow businesses to invest in higher wages and growth," Healey said in a statement.