The Connecticut Insurance Department recently approved National Council on Compensation Insurance’s workers’ compensation insurance filing for a change in voluntary market advisory loss costs and a change in assigned risk rates for workers’ compensation insurance. The changes will take effect Jan. 1, 2013.
The approved proposal includes an overall loss cost level change of +7.1 percent and an overall +0.4 percent change in assigned risk rates. Changes to individual classification costs have been limited to ±20 percent of the industry group change.
The changes in loss costs reflects the following pure premium level changes: manufacturing +6.8 percent; contracting +9.9 percent; office and clerical +0.9 percent; goods and services +7.6 percent; and miscellaneous +8.8 percent.
The change in assigned risk rates reflects the following rate level changes: manufacturing +0.1 percent; contracting +3.0 percent; office and clerical -5.4 percent; goods and services +0.9 percent; and miscellaneous +2.0 percent.
The Insurance Department published the NCCI filing and the executive summary on its website on Oct. 15 and provided a 30-day period for the public and interested parties to review and comment on the filing. Regulators said it did not receive any public comments and did not hold a public hearing. The department’s announcement can be found on its website (a PDF file).
Topics Profit Loss Pricing Trends Connecticut
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