- Governor Ned Lamont announces decreases to workers’ compensation rates in Connecticut
- Rates have fallen for eight consecutive years
- Decreases include a 14.1 percent drop in pure premium loss costs and an 8.2 percent drop in reduced assigned risk rates
Summary by Dirk Langeveld
Connecticut businesses should see further decreases to workers’ compensation costs this year after rates were decreased in the state for the eighth consecutive years.
Governor Ned Lamont announced that the Connecticut Insurance Department has approved a filing that drops workers’ compensations pure premium loss costs by 14.1 percent. The department has also reduced assigned risk rates by 8.2 percent.
“This further decline in workers’ compensation insurance premiums is good news for businesses, enabling employers to invest more money back into their companies and employees, and providing a boost to our economy,” said Lamont. “It’s even better news for workers, because the decrease reflects the fact that workplaces are getting safer and safer.”
Connecticut Insurance Commissioner Andrew N. Mais said the rate decreases over the past eight years have had a cumulative savings of more than $300 million.
Businesses typically purchase workers’ compensation coverage in the voluntary market. The assigned risk market is used by businesses with a poor prior loss history, but new businesses are sometimes forced to use them as well since they lack the experience necessary to be written in the admitted market.
