Hartford, CT – Governor Ned Lamont recently announced that Connecticut businesses will see another rate decrease in workers’ compensation insurance beginning on January 1, 2023.
The Connecticut Insurance Department has approved an annual filing with decreases of 3% to workers’ compensation pure premium loss costs. There will be no change in rates for assigned risk.
This marks the ninth consecutive year that the department has approved rate decreases for workers’ compensation insurance, saving Connecticut businesses more than $300 million.
“This decline in workers’ compensation insurance premiums is good news for Connecticut businesses,” Governor Lamont said. “Additionally, it is good news for workers as it signifies the fact that workplaces are getting safer and safer.”
“The loss costs and assigned risk rates have steadily gone down over the last nine years, helping businesses better control workers’ compensation insurance costs – one of their critical operating expenses,” Connecticut Insurance Commissioner Andrew N. Mais said. “This reflects an ongoing decrease in the number of workplace injuries and claims filed. For the duration of these nine years, the cumulative impact has saved businesses more than $300 million in reduced premium savings.”
The Connecticut Insurance Department has issued a memorandum and order approving the filing of the National Council on Compensation Insurance (NCCI). The council compiles data annually from the workers’ compensation market in Connecticut and nationwide to propose loss costs/rate adjustments for the ensuing year.
Source: CT Governor’s Office