Gov. Ned Lamont announced the state’s businesses will receive a nearly 10% decrease in rates for workers’ compensation insurance beginning on Jan. 1, 2024.
According to the governor’s office, the Connecticut Insurance Department 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.
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 at portal.ct.gov/cid/Department-Resources/Commissioner-Orders.
“These lower rates will help Connecticut businesses save money, enabling them to invest these savings back into their companies and employees,” said Lamont. “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,” added Insurance Commissioner Andrew N. Mais. “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.”
