Worker’s compensation rates decrease for 8th straight year
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.”
According to the release, the reductions will allow insurance companies to lower the cost of worker’s compensation premiums for businesses operating in the state.
“The loss costs and assigned risk rates have steadily gone down over the last eight years, helping businesses better control workers’ compensation insurance costs – one of their critical operating expenses,” Connecticut Insurance Commissioner Andrew N. Mais said in the release. “This reflects an ongoing decrease in the number of workplace injuries and claims filed. For the duration of these eight years, the cumulative impact has been over $300 million in reduced premium savings.”
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