CID: New Releases (10/30/2018) - Commissioner: Workers Comp Insurance Rates Drop for Fifth Straight Year

{Connecticut Insurance Department}
STATE OF CONNECTICUT
Insurance Department
 
Katharine L. Wade
Commissioner
 
 
FOR IMMEDIATE RELEASE
 CONTACT: 
Donna Tommelleo
 
860-297-3958
October 30th, 2018


Commissioner: Workers Comp Insurance Rates
Drop for Fifth Straight Year

Department approves rate decrease of nearly 17% for 2018


Insurance Commissioner Katharine L. Wade announced today that the Insurance Department has approved decrease of nearly 17 percent decrease in rates for workers compensation insurance, marking the fifth consecutive year that rates have dropped.

“This steady drop – nearly 50 percent over the last five years – has helped business owners with one of their critical operating costs – workers compensation insurance,” Commissioner Wade said. “The rates reflect an ongoing decrease in the number of workplace injuries and claims filed. We are also seeing, on average, lower medical costs per claim.”

In 2017, the Department approved a 14 percent decrease in loss costs and assigned rate risk levels. The decrease was nearly 11 percent decrease in 2016; nearly 4 percent in 2015 and about 3 percent in 2014.

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 16.8 percent decrease in loss costs and a 19.8 percent decrease in assigned risk rate levels. The Department approved the rates on October 29 after conducting an actuarial review and 30-day public comment period. 

The new rates take effect January 1, 2019.
 
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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 10/30/2018 10:25:09 AM