Connecticut businesses will pay less for workers’ compensation insurance next year, with the state again reducing premiums paid by private employers, which regulators say reflects an ongoing decline in claims.
The Connecticut Insurance Department has approved an annual workers’ compensation rate filing for 2024 with a decrease of 9.8% in voluntary market loss costs and a decrease of 10.5% in assigned risk plan rates.
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A decrease in workers’ compensation rates is continuing in Connecticut for a ninth straight year.
Beginning Jan. 1, workers’ compensation rates will fall by 3%, Gov. Ned Lamont said, as the Connecticut Insurance Department approved the filing for pure premium loss costs. However, those companies who have an assigned risk will not see a reduction.
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For the eighth consecutive year, Connecticut’s worker’s compensation insurance rates are dropping, Gov. Ned Lamont said.
The governor announced in a news release that businesses will see a rate decrease in 2022 as the state’s Insurance Department has approved a filing featuring a 14.1% reduction to pure premium loss costs and an 8.2% reduction in risk rates.
“This further decline in workers’ compensation insurance premiums is good news for businesses, enabling employers to invest more money back into their companies and employees, and providing a boost to our economy,” Lamont said. “It’s even better news for workers, because the decrease reflects the fact that workplaces are getting safer and safer.”
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