Connecticut businesses will see their rates for workers’ compensation insurance decrease for the ninth consecutive year, Gov. Lamont announced today. Approved by the Connecticut Insurance Department, rates for workers’ compensation premiums will fall by three percent.
The rate decreases over the last nine years have cumulatively saved Connecticut businesses over $300 million in premium costs.
“The loss costs and assigned risk rates have steadily gone down over the last nine years, helping businesses better control workers’ compensation insurance costs – one of their critical operating expenses,” Connecticut Insurance Commissioner Andrew N. Mais said. “This reflects an ongoing decrease in the number of workplace injuries and claims filed.”
It is required by law in Connecticut for businesses to carry workers’ compensation insurance to compensate their employees who suffer work-related injuries or occupational diseases, regardless of who is at fault.
Since 2015, assigned risk rates, meaning the costs for insurance companies to cover risks that are unavailable in the voluntary market, have fallen by over 69 percent, according to data compiled by the governor’s office. Over that same timeframe, the loss costs, or the total amount of money insurers have had to pay to cover claims, have decreased by about 70 percent.
“This decline in workers’ compensation insurance premiums is good news for Connecticut businesses,” Gov. Lamont said. “Additionally, it is good news for workers as it signifies the fact that workplaces are getting safer and safer.”