Businesses in Connecticut will receive a nearly 10% decrease in rates for workers’ compensation insurance beginning on January 1, 2024.
The Connecticut Insurance Department has approved an annual workers’ compensation rate filing for 2024 with a decrease of 9.8% to voluntary market loss costs and a decrease of 10.5% in assigned risk plan rates.
This is the tenth consecutive year of rate decreases, reflecting a noticeable decline in workplace injuries and filed claims the past nine years and cumulative savings of more than $300 million in reduced premiums for businesses, according to Insurance Commissioner Andrew N. Mais.
“The loss costs and assigned risk rates have steadily gone down over the last nine years, helping businesses better control workers’ compensation insurance costs – one of their critical operating expenses,” Mais said.
The revised rates – proposed by the National Council on Compensation Insurance – are based on past and prospective loss experiences. The insurance department issued a memorandum and order approving the NCCI’s filing.
For 2023, the state approved a 3% reduction for voluntary market rates while holding assigned risk rates steady. For 2022, voluntary rates went down 14.1% and assigned risk rates fell 8.2%.
Was this article valuable?
Here are more articles you may enjoy.