CID: New Releases (11/06/2017) - Commissioner: Workers Comp Insurance Rates Drop for Fourth Straight Year

{Connecticut Insurance Department}
STATE OF CONNECTICUT
Insurance Department
 
Katharine L. Wade
Commissioner
 
 
FOR IMMEDIATE RELEASE
 CONTACT: 
Donna Tommelleo
 
860-297-3958
November 6th, 2017


Commissioner: Workers Comp Insurance Rates
Drop for Fourth Straight Year

Department approves rate decrease of 14% for 2018

Insurance Commissioner Katharine L. Wade announced today that the Insurance Department has approved a 14 percent decrease in rates for workers compensation insurance, marking the fourth consecutive year that rates have dropped.

“This is good news for employers,” Commissioner Wade said. “The continued decrease is a result of the reduction in the number of workplace injuries and claims filed. Additionally, the average medical cost per claim has moderated in recent years.”

In 2016, the Department approved a nearly 11 percent decrease in loss costs and assigned rate risk levels. In 2015, the Department approved decreases of 3.9 percent loss costs and 6.3 percent assigned risk. In 2014, the approved decreases were 2.9 percent loss costs and 2.8 percent assigned risk.

The Department approved the filing of National Council on Compensation Insurance (NCCI), which compiles data annually from the workers compensation market in Connecticut and countrywide in order to annually propose rate adjustments for the ensuing year. The NCCI filed in September for a 14 percent decrease in loss costs and a 12.6 percent decrease in assigned risk rate levels. The Department approved the rates on November 6 after conducting an actuarial review and 30-day public comment period.

The new rates take effect January 1, 2018.

 
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About the Connecticut Insurance Department: The mission of the Connecticut Insurance Department is to protect consumers through regulation of the industry, outreach, education and advocacy. The Department recovers an average of $4 million yearly on behalf of consumers and regulates the industry by ensuring carriers adhere to state insurance laws and regulations and are financially solvent to pay claims. The Department’s annual budget is funded through assessments from the insurance industry. Each year, the Department returns an average of $100 million a year to the state General Fund in license fees, premium taxes, fines and other revenue sources to support various state programs, including childhood immunization.
 
 
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Content Last Modified on 11/8/2017 10:26:41 AM