Connecticut Approves 17% Workers’ Comp Rate Cut for 2019

The Connecticut Insurance Department has authorized a scarcely 17 percent diminution in rates for workers’ remuneration insurance, imprinting a fifth uninterrupted year that rates have forsaken in Connecticut.

“This solid dump – scarcely 50 percent over a final 5 years – has helped business owners with one of their vicious handling costs – workers’ remuneration insurance,” Connecticut Insurance Commissioner Katharine L. Wade pronounced in a press recover released by a department. “The rates simulate an ongoing diminution in a series of workplace injuries and claims filed. We are also seeing, on average, reduce medical costs per claim.”

In 2017, a dialect authorized a 14 percent diminution in detriment costs and reserved rate risk levels. The diminution was scarcely 11 percent in 2016; scarcely 4 percent in 2015 and about 3 percent in 2014.

The Department authorized a filing of National Council on Compensation Insurance (NCCI), that compiles information annually from a workers’ remuneration marketplace in Connecticut and countrywide in sequence to annually introduce rate adjustments for a indirect year.

The NCCI filed in Sep for a 16.8 percent diminution in detriment costs and a 19.8 percent diminution in reserved risk rate levels. The dialect authorized a rates on Oct 29 after conducting an actuarial examination and 30-day open criticism period.

The new rates take outcome Jan 1, 2019.

Source: Connecticut Insurance Department