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Connecticut announces 9.8% drop on comp rates for 2024

rates fall

Gov. Ned Lamont on Wednesday announced that businesses in Connecticut will pay on average 9.8% less in workers compensation insurance beginning on Jan. 1, 2024.

This is the 10th consecutive year that the department has approved rate decreases for the voluntary market, according to a statement.

The downward trend “reflects a noticeable decline in workplace injuries and filed claims, resulting in cumulative savings of more than $300 million in reduced premium expenses for businesses,” the governor’s office said.