Please do not leave this page until complete. This can take a few moments.
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:
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.
The Hartford Business Journal 2025 Charity Event Guide is the annual resource publication highlighting the top charity events in 2025.
Learn moreHartford Business Journal provides the top coverage of news, trends, data, politics and personalities of the area’s business community. Get the news and information you need from the award-winning writers at HBJ. Don’t miss out - subscribe today.
SubscribeDelivering vital marketplace content and context to senior decision-makers throughout Connecticut ...
All Year Long!
The Hartford Business Journal 2025 Charity Event Guide is the annual resource publication highlighting the top charity events in 2025.
Hartford Business Journal provides the top coverage of news, trends, data, politics and personalities of the area’s business community. Get the news and information you need from the award-winning writers at HBJ. Don’t miss out - subscribe today.
Delivering vital marketplace content and context to senior decision-makers throughout Connecticut ...
All Year Long!
In order to use this feature, we need some information from you. You can also login or register for a free account.
By clicking submit you are agreeing to our cookie usage and Privacy Policy
Already have an account? Login
Already have an account? Login
Want to create an account? Register
In order to use this feature, we need some information from you. You can also login or register for a free account.
By clicking submit you are agreeing to our cookie usage and Privacy Policy
Already have an account? Login
Already have an account? Login
Want to create an account? Register
This website uses cookies to ensure you get the best experience on our website. Our privacy policy
To ensure the best experience on our website, articles cannot be read without allowing cookies. Please allow cookies to continue reading. Our privacy policy
0 Comments