NCCI Recommends Conn. WC Loss Costs and Rates Increases

October 9, 2012
injured-worker

The National Council on Compensation Insurance recently filed a proposal for workers’ comp loss costs and rates increases in Connecticut.

The NCCI is proposing that the Connecticut regulators approve a +7.1 percent change to the current voluntary loss costs, which went into effect on Jan. 1, 2012. The NCCI is requesting that the new proposed change go into effect Jan. 1, 2013.

In the NCCI’s proposed overall average change in the voluntary loss cost level, the key components include: a +7.1 percent for the experience and trend; a -0.7 percent change for benefits; a -0.2 percent change for loss-based expenses; and a +0.9 percent change for the offset for the change in employers liability ILF’s.

Employers unable to secure coverage in the voluntary market can apply for such coverage in the assigned market. In its Sept. 27 filing, the NCCI is also proposing that the Connecticut regulators approve a +0.4 percent change to the current assigned risk rate level, which went into effect on Jan. 1, 2012. The new change is also proposed to be effective Jan. 1, 2013.

In the proposed overall average change in the assigned risk rate level, the key components include: a +7.1 percent change for the experience and trend; a -0.7 percent change for benefits; a -6.4 percent change for the change in expenses; and +0.9 percent change for the offset for the change in employers liability ILF’s.

The Connecticut Insurance Department is currently reviewing the filing.

 

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