The Division of Insurance said Thursday that it has rejected a request to increase Massachusetts workers’ compensation rates by 18.8 percent.

As a result of that decision, which followed a five-month hearing process, rates will be unchanged, and businesses will save an estimated $200 million on projected premium increases, the Division of Insurance said.

The proposed rate increase was a request from the Workers’ Compensation Rating and Inspection Bureau, the division said.

“After analyzing the wealth of data and information presented during the case, we found insufficient support for such a significant increase,” Insurance Commissioner Joseph G. Murphy said in a statement.

Workers’ compensation insurance provides coverage for such things as lost wages and medical care for workers injured on the job. Massachusetts businesses are required to carry workers’ compensation insurance. One of the jobs of the Division of Insurance is to approve or disapprove proposed rate changes through a review proceeding.