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Connecticut to consider 3% rate cut for voluntary market

Rate decrease

The National Council on Compensation Insurance has recommended a 3% average reduction in workers compensation premium rates for the Connecticut voluntary market.

Proposed changes to voluntary loss cost level will vary by industry group, with NCCI proposing an average decrease of 0.7% for the miscellaneous sector and a 5.3% reduction for the office and clerical sector. NCCI is recommending a 4.6% cut for contracting, a 2.8% reduction for goods and services and a 2.5% decrease for manufacturing.

NCCI is not proposing any change to the current assigned risk rate level.

The new loss costs and unchanged assigned risk rate would apply to policies incepting on or after Jan. 1.

Eric Gjede, vice president of public policy for the Connecticut Business & Industry Association, in a Sept. 29 letter recommended that the state Insurance Department adopt NCCI’s recommended cuts.

“The proposed rate reduction partially reflects changes in the workplace as a result of the COVID-19 pandemic, including increased remote work and a reduction in business travel,” Mr. Gjede wrote. “More importantly, reductions in certain types of injuries and claims demonstrate that Connecticut employers continue their commitment to creating the nation’s safest possible working conditions for employees.”

WorkCompCentral is a sister publication of Business Insurance. More stories here.