October 30, 2018 - Insurance Commissioner Katharine L. Wade announced today that the Insurance Department has approved decrease of nearly 17 percent decrease in rates for workers compensation insurance, marking the fifth consecutive year that rates have dropped.
“This steady drop – nearly 50 percent over the last five years – has helped business owners with one of their critical operating costs – workers compensation insurance,” Commissioner Wade said. “The rates reflect an ongoing decrease in the number of workplace injuries and claims filed. We are also seeing, on average, lower medical costs per claim.”
In 2017, the Department approved a 14 percent decrease in loss costs and assigned rate risk levels. The decrease was nearly 11 percent decrease in 2016; nearly 4 percent in 2015 and about 3 percent in 2014.
The Department approved the filing of National Council on Compensation Insurance (NCCI)
, 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 NCCI filed in September for a 16.8 percent decrease in loss costs and a 19.8 percent decrease in assigned risk rate levels. The Department approved the rates on October 29 after conducting an actuarial review and 30-day public comment period.
The new rates take effect January 1, 2019.