Connecticut Gov. Ned Lamont on Monday announced that state businesses will see another rate decrease in workers' compensation insurance beginning Jan. 1, 2023.
The Connecticut Insurance Department approved an annual filing with decreases of 3% to workers' comp pure premium loss costs.
This marks the ninth consecutive year the department has approved rate decreases for workers' compensation insurance, saving Connecticut businesses more than $300 million, according to a statement from the governor’s office, which cited safer workplaces as the reason behind the steady reductions.
“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,” Andrew N. Mais, state insurance commissioner, said in the statement. “This reflects an ongoing decrease in the number of workplace injuries and claims filed.”
Business Insurance is a sister publication of WorkCompCentral. More stories are here.