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Connecticut Insurance coverage Division Approves Tenth Consecutive Yr of Fee Decreases
Governor Ned Lamont as we speak introduced that companies in Connecticut will obtain a virtually 10% lower in charges for staff’ compensation insurance coverage starting on January 1, 2024. The Connecticut Insurance coverage Division has authorized an annual staff’ compensation fee submitting for 2024 with a lower of 9.8% to voluntary market loss prices and a lower of 10.5% in assigned threat plan charges.
“These decrease charges will assist Connecticut companies lower your expenses, enabling them to speculate these financial savings again into their corporations and staff,” Governor Lamont stated. “It’s additionally excellent news for staff as a result of it’s the results of an ongoing drop within the variety of claims filed, which means that workplaces in our state are getting safer and safer.”
That is the tenth consecutive yr that the division has authorized fee decreases. This development displays a noticeable decline in office accidents and filed claims, leading to cumulative financial savings of greater than $300 million in decreased premium bills for companies.
“The loss prices and assigned threat charges have steadily gone down over the past 9 years, serving to companies higher management staff’ compensation insurance coverage prices – one in every of their important working bills,” Insurance coverage Commissioner Andrew N. Mais stated. “This displays an ongoing lower within the variety of office accidents and claims filed. At some point of these 9 years, the cumulative affect has saved companies greater than $300 million in decreased premiums.”
The revised charges – proposed by the Nationwide Council on Compensation Insurance coverage – are based mostly on previous and potential loss experiences. The Connecticut Insurance coverage Division issued a memorandum and order approving the Nationwide Council on Compensation Insurance coverage’s submitting. Additional particulars on the submitting and order could be reviewed on the division’s web site at portal.ct.gov/cid/Department-Resources/Commissioner-Orders.
| Employees’ compensation fee modifications in Connecticut over the past 10 years | ||
| NCCI Submitting Efficient Date | Assigned Danger Total Fee Change | Voluntary Market Total Loss Price Change |
| 1/1/2024 | -10.5% | -9.8% |
| 1/1/2023 | 0% | -3.0% |
| 1/1/2022 | -8.2% | -14.1% |
| 1/1/2021 | -1.4% | -1.8% |
| 1/1/2020 | -4.5% | -2.9% |
| 1/1/2019 | -19.8% | -16.8% |
| 1/1/2018 | -12.6% | -14.1% |
| 1/1/2017 | -10.9% | -10.9% |
| 1/1/2016 | -9.2% | -3.9% |
| 4/1/2015 | -2.3% | -2.3% |
| 1/1/2015 | -0.5% | -0.6% |
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