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November 17, 2023

CT workers’ compensation rates drop 10% for 10th straight year

Tony Hwang

Gov. Ned Lamont announced earlier this week that businesses in Connecticut will pay an average of 10% less in workers’ compensation insurance starting Jan. 1, 2024.

According to Lamont, workers’ compensation rates are decreasing due to the ongoing drop in the number of workplace injuries and claims filed, which has saved businesses more than $300 million on their premiums over the last nine years.

For Connecticut businesses, the average monthly cost for workers’ compensation premiums is about $53, or $636 annually. Starting next year, the average monthly cost will be roughly $48, or $564 annually. That equates to more than $30 million in savings for policyholders in 2024.

The Connecticut Insurance Department has approved 10 consecutive years of rate decreases in the workers’ compensation market.

A top-ranking Republican legislator applauded the decrease.

“We continue to move in the right direction when it comes to workers’ comp rate decreases, but there is much more work to do,” said Sen. Tony Hwang, ranking senator on the Insurance and Real Estate Committee. “We can all agree that health insurance and health care in Connecticut is unaffordable.”

To address healthcare costs, Hwang said Connecticut Senate Republicans have proposed a package that would:

  • Implement a reinsurance program to defray high cost claims;
  • Lower health care premiums by nearly 30 %; and
  • Eliminate a tax requirement when buying health insurance.

Also, Republicans support a plan to allow small businesses to join in associations to pool resources to buy group health plans together. A similar bill failed last year.

The 2024 legislative session begins Feb. 7, 2024.

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