CT workers’ comp rates decrease for eighth straight year
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CID Commissioner Andrew N. Mais
Workers’ compensation premiums in Connecticut are decreasing for an eighth consecutive year, which will translate into more savings for businesses, Gov. Ned Lamont announced Wednesday.
The Connecticut Insurance Department has approved an average 14.1% rate decrease for the voluntary market and an average 8.2% decrease in the assigned risk market, Lamont said.
Most Connecticut companies get their coverage in the voluntary market; the assigned risk market is used by companies that have a poor prior loss history or other related issues.
The new rates go into effect for policies renewing on or after Jan. 1. Last year, voluntary market rates fell 1.8% on average, while policies sold in the assigned risk market fell 1.4%, according to the Connecticut Business & Industry Association.
The approved rates were based on recommendations from the National Council on Compensation Insurance. The council compiles data annually from the workers’ compensation market in Connecticut and countrywide to propose loss costs/rate adjustments for the ensuing year.
Connecticut Insurance Commissioner Andrew N. Mais said the declining rates reflect an ongoing decrease in the number of workplace injuries and claims filed.
“For the duration of these eight years, the cumulative impact has been over $300 million in reduced premium savings,” Mais said.
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