November 6, 2017

Worker's comp rates to drop 14%

Worker's compensation insurance rates will be 14 percent lower starting Jan. 1, the Connecticut Insurance Department announced.

It will be the fourth consecutive year of falling premiums, following drops of 11 percent, 3.9 percent and 6.3 percent in 2016, 2015 and 2014, respectively.

"The continued decrease is a result of the reduction in the number of workplace injuries and claims filed," Insurance Commissioner Katharine Wade said in a statement. "Additionally, the average medical cost per claim has moderated in recent years."

CID approved the 2018 rates following a rate filing from the National Council on Compensation Insurance and an actuarial review.

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