by Brent Addleman
A decrease in workers’ compensation rates is continuing in Connecticut for a ninth straight year.
Beginning Jan. 1, workers’ compensation rates will fall by 3%, Gov. Ned Lamont said, as the Connecticut Insurance Department approved the filing for pure premium loss costs. However, those companies who have an assigned risk will not see a reduction.
“This decline in workers’ compensation insurance premiums is good news for Connecticut businesses,” Lamont said in a release. “Additionally, it is good news for workers as it signifies the fact that workplaces are getting safer and safer.”
Connecticut businesses, according to the release, have realized a savings of more than $300 million over the past nine years due to workers’ compensation rate decreases.
“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,” Connecticut Insurance Commissioner Andrew N. Mais said in a release. “This reflects an ongoing decrease in the number of workplace injuries and claims filed. For the duration of these nine years, the cumulative impact has saved businesses more than $300 million in reduced premium savings.”
According to the release, the state’s Insurance Department issued the memorandum and order to ratify the filing of the National Council on Compensation Insurance, which is compiled annually using data stemming from the workers’ compensation market in the state, along with nationwide number.
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Brent Addleman is an Associate Editor for The Center Square and a veteran journalist with more than 25 years of experience. He has served as editor of newspapers in Pennsylvania and Texas, and has also worked at newspapers in Delaware, Maryland, New York, and Kentucky.
Photo “Injured Worker” by Mikael Blomkvist.
