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The Connecticut Insurance Department has approved a 17% decrease in rates for workers compensation insurance for 2019, marking the fifth consecutive year that rates have dropped, state Insurance Commissioner Katharine L. Wade announced on Tuesday.
In 2017, the department approved a 14% decrease in loss costs and assigned rate risk levels. The drops have been steady since 2014, with an 11% decrease in 2016, a 4% drop in 2015, and a 3% drop in 2014, according to a statement from the insurance department.
“This steady drop — nearly 50% over the last five years — has helped business owners with one of their critical operating costs,” said Ms. Wade in the statement regarding comp costs for employers. “The rates reflect an ongoing decrease in the number of workplace injuries and claims filed. We are also seeing, on average, lower medical costs per claim.”
The department approved the filing of the Boca Raton, Florida-based National Council on Compensation Insurance, which compiles data annually from the workers compensation market in Connecticut and countrywide in order to annually propose rate adjustments for the ensuing year.
For Connecticut, NCCI filed in September for a 16.8% decrease in loss costs and a 19.8% decrease in assigned risk rate levels. The department approved the rates on Oct. 29 after conducting an actuarial review and 30-day public comment period, according to the statement.
The new rates take effect Jan. 1, 2019.
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.