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NCCI Holdings Inc. has requested a 7.1% increase in Connecticut's advisory workers compensation rates for 2013, due largely to indemnity and medical costs that are "increasing faster than wages" in the state.
Boca Raton, Fla.-based NCCI said Connecticut saw a 6.4% increase in lost-time workers comp claims in 2010 after 12 straight years of declining frequency, according to a presentation by the ratings and research bureau on Thursday. Meanwhile, NCCI said indemnity claim severity increased by 12.4% in Connecticut for 2010, while medical claim severity increased 8.8% that year.
Connecticut insurers reported combined ratios of 130% in 2011, NCCI said in its presentation.
NCCI's rate filing would take effect Jan. 1 if approved by the Connecticut Insurance Department.
NCCI Holdings Inc. is seeking a 6.1% increase in workers compensation rates paid by Florida employers, the state's Office of Insurance Regulation announced Thursday.