Conn. approves 8th consecutive comp rate decrease

The Connecticut Insurance Department approved a 14.1% workers compensation rate decrease, effective Jan. 1.

This is the eighth consecutive year of rate decreases in Connecticut, Gov. Ned Lamont said in a statement.

“This further decline in workers compensation insurance premiums is good news for businesses, enabling employers to invest more money back into their companies and employees, and providing a boost to our economy,” the governor said.

Connecticut Insurance Commissioner Andrew N. Mais said in a statement that the eight years of rate cuts have had a cumulative impact of more than $300 million in premium savings for state businesses.