The Connecticut Insurance Department has approved a 3% decrease in workers’ compensation pure premium loss costs for 2023. There will be no change in rates for assigned risk.
The department 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.
This marks the ninth consecutive year that the department has approved rate decreases for workers”™ compensation insurance.
“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,” said 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.”
