HARTFORD – The ongoing trend of decreasing rates in workers’ compensation insurance will result in Connecticut businesses receiving a 6% rate decrease beginning Jan. 1, 2025, Gov. Ned Lamont announced last week.
The Connecticut Insurance Department has approved an annual workers’ compensation rate filing for 2025 with a decrease of 6.1% to the voluntary market loss costs and a decrease of 6.2% in assigned risk plan rates. This marks the 11th consecutive year that the Connecticut Insurance Department has approved rate decreases for workers’ compensation insurance, resulting in significant cost savings for employers. The trend reflects a continued decline in workplace injuries and filed claims.
“These positive trends are good news for Connecticut employers and their workers,” Lamont said. “Workplace safety continues to improve, and business owners are better able to manage costs and invest the savings back into their operations.”
State Insurance Commissioner Andrew Mais cited how the state has saved more than $400 million in reduced premiums over the past decade due to the decrease in workplace injuries and claims.
“Workers’ compensation insurance is critical so workers can know they are protected as they work to support their families, and for business owners to help care for the health, well-being, and safety of their employees,” Mais said.
State jobless rate
The October 2024 Connecticut jobs report showed the state’s unemployment rate at a 23-year low of 3%, according to Department of Labor Commissioner Danté Bartolomeo. The rate fell another 0.2% in October, the lowest it has been since August 2001. The private sector added 900 jobs last month, however, overall jobs are down 300 due to lower government payrolls. In state government, colleges and universities are carrying smaller payrolls than last year and local government has also shed workers.
“Connecticut is following the post-2020 economic pattern of high early year growth for six months that weakens towards the end of the year,” the commissioner said. “Even with monthly ups and downs, our economy is stable with major economic drivers like healthcare continuing to hire and expand. It’s worth noting that from October 2023 to October 2024 a total of 8,300 jobs were added to employer payrolls — 7,700 of which were in healthcare.”
