The New Hampshire Insurance Department on Wednesday said it has approved a workers compensation rate reduction for the eighth consecutive year.
The approved rate filing will lower loss costs by 9.6% and is based on a rate proposal filed by Boca Raton, Florida-based National Council on Compensation Insurance Inc. The loss cost reduction will apply to policies effective Jan. 1, 2020, according to a statement.
All insurers writing voluntary workers compensation in New Hampshire are required to use the new loss costs, said the department.
Workers compensation medical costs are “significantly higher” in New Hampshire than in other states, according to the state's insurance department.