Hartford, CT – Insurance Commissioner Katharine L. Wade recently announced that the Insurance Department has approved a 14 percent decrease in rates for workers compensation insurance, marking the fourth consecutive year that rates have dropped.
“This is good news for employers,” Commissioner Wade said. “The continued decrease is a result of the reduction in the number of workplace injuries and claims filed. Additionally, the average medical cost per claim has moderated in recent years.”
In 2016, the Department approved a nearly 11 percent decrease in loss costs and assigned rate risk levels. In 2015, the Department approved decreases of 3.9 percent loss costs and 6.3 percent assigned risk. In 2014, the approved decreases were 2.9 percent loss costs and 2.8 percent assigned risk.
The Department approved the filing of National Council on Compensation Insurance (NCCI), which compiles data annually from the workers compensation market in Connecticut and countrywide in order to annually propose rate adjustments for the ensuing year. The NCCI filed in September for a 14.7 percent decrease in loss costs and a 12.6 percent decrease in assigned risk rate levels. The Department approved the rates on November 6 after conducting an actuarial review and 30-day public comment period.
The new rates take effect January 1, 2018.
Click here for the CT Insurance Department’s Approval of NCCI Rates (PDF)
Source: CT Insurance Department