Connecticut Insurance Department Commissioner Katharine L. Wade announced that the department has approved a rate filing from the National Council on Compensation Insurance (NCCI) that decreases workers’ compensation insurance rates nearly 11 percent.
“This marks the third straight year that Connecticut has seen a drop in the cost of workers compensation insurance,” Commissioner Wade said in a press release issued by the Connecticut Insurance Department. “The major drivers of these decreases have been a continued reduction in the number of workplace injuries and claims filed. With more than 300 companies licensed to sell workers’ compensation insurance in Connecticut, employers have the benefit of many choices in a very competitive market.”
The NCCI filed a rate proposal with the department in September requesting approval of a 10.9 percent decrease in loss costs and a 10.9 percent decrease in assigned risk rate levels. The department approved the rates after conducting an actuarial review and 30-day public comment period. NCCI annually collects data from the workers’ compensation market in Connecticut and countrywide in order to annually propose rate adjustments for the following year.
In 2015, the Department approved decreases of 3.9 percent loss costs and 6.3 percent assigned risk. In 2014, the approved decreases were 2.9 percent loss costs and 2.8 percent assigned risk.
Source: The Connecticut Insurance Department
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