The Connecticut Insurance Department has approved decreases of 2.9% to workers compensation pure premium loss costs and a 4.5% reduction in rates for assigned risk – the sixth consecutive year those rates have dropped.
“The loss costs and assigned risk rates have steadily gone down over the last six years and has helped businesses better control workers compensation insurance costs – one of their critical operating expenses,” Insurance Department Commissioner Andrew Mais said. “This reflects an ongoing decrease in the number of workplace injuries and claims filed and, on average, lower medical costs per claim.”
The department approved the filing of the National Council on Compensation Insurance, 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 changes take effect Jan. 1.