HARTFORD, CT — Continued reductions in workplace injuries and claims are two of the reasons that workers compensation insurance in Connecticut is getting less expensive for businesses.
The National Council on Compensation Insurance, which analyzes and recommends rates in more than 40 states, asked for a 10.9 percent overall average rate reduction.
Insurance Commissioner Katharine Wade said Monday that the 10.9 percent reduction was approved by regulators. That makes it the third straight year workers compensation insurance has dropped in Connecticut.
In 2015, the regulators approved decreases of 3.9 percent for loss costs and 6.3 percent for assigned risk. In 2014, the approved decreases were 2.9 percent for loss costs and 2.8 percent for assigned risk.
NCCI annually collects data from the workers compensation market in Connecticut and countrywide in order to annually propose rate adjustments for the ensuing year. There are more than 300 companies licensed to sell workers compensation insurance in Connecticut.