Conn. Approves Industry’s Workers’ Comp Rate Boost

December 14, 2005

Connecticut Insurance Commissioner Susan Cogswell has approved a slight boost in workers compensation insurance rates effective Jan. 1.

She accepted the recommendations from the industry’s National Council on Compensation Insurance for an average increase of +0.8% for pure premium loss costs and an average increase of +1.7% in assigned risk rates.

The department’s order also confirmed a minimum premium multiplier of 300, and a change in the maximum minimum premium from a maximum of $1000 to $850.

In addition, the industrial classification assessment fund rate will be 1.8 percent and the “F” industrial classification assessment fund rate will be 7.2 percent for voluntary market and assigned risk market insurers.

Cogswell waived the usual 30-day advance filing requirement for insurers so they may put the new rates into effect Jan. 1.

The overall change as distributed by major industry group showing premium loss cost, followed by assigned risk changes are:

Manufacturing +1.0 % +2.4%
Contracting -4.5% -3.2%
Office & Clerical +2.1% +3.5%
Goods & Services +2.2% +3.6%
Miscellaneous +6.4% +7.9 %
Overall +0.8% +1.7%

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