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Connecticut employers will see lower workers compensation insurance rates in 2018, a 14% reduction that will mark the fourth consecutive year of decreases, the Connecticut Insurance Department announced Monday.
The latest figure follows drops of 11% in 2016, 3.9% in 2015, and 6.3% 2014, the department stated in a statement, attributing the downward trend to lower medical costs per-claim and workplace safety.
The department approved the 2018 rates following a filing from the National Council on Compensation Insurance.
“The continued decrease is a result of the reduction in the number of workplace injuries and claims filed. Additionally, the average medical cost per claim has moderated in recent years,” Connecticut Insurance Commissioner Katharine Wade said in the statement.
A construction company owner in Jacksonville, Florida, is facing up to 60 years in prison after underreporting his payroll figures, resulting in lower workers compensation premiums, state regulators announced Friday.