Hartford, CT – Governor Ned Lamont recently announced that businesses in Connecticut will receive a nearly 10% decrease in rates for workers’ compensation insurance beginning on January 1, 2024. The Connecticut Insurance Department has approved an annual workers’ compensation rate filing for 2024 with a decrease of 9.8% to voluntary market loss costs and a decrease of 10.5% in assigned risk plan rates.
This is the tenth consecutive year that the department has approved rate decreases. This trend reflects a noticeable decline in workplace injuries and filed claims, resulting in cumulative savings of more than $300 million in reduced premium expenses for businesses.
“These lower rates will help Connecticut businesses save money, enabling them to invest these savings back into their companies and employees,” Governor Lamont said. “It’s also good news for workers because it is the result of an ongoing drop in the number of claims filed, meaning that workplaces in our state 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,” 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 premiums.”
The revised rates – proposed by the National Council on Compensation Insurance – are based on past and prospective loss experiences. The Connecticut Insurance Department issued a memorandum and order approving the National Council on Compensation Insurance’s filing.
Further details on the filing and order can be reviewed on the department’s website.
Source: CT Governor’s Office