Connecticut Approves 3% Cut in Workers’ Compensation Costs for 2023

Connecticut businesses will see another rate decrease in workers’ compensation insurance beginning on January 1, 2023.

The Connecticut Insurance Department has officially approved an average decrease of 3% to workers’ compensation pure premium loss costs in the voluntary market. There will be no change in rates for the assigned risk market.

This marks the ninth consecutive year rate have declined, with premiums cut by $300 million over this span, reflecting decreases in the number of workplace injuries and claims filed, according to the state.

“This decline in workers’ compensation insurance premiums is good news for Connecticut businesses,” Governor Ned Lamont said. “Additionally, it is good news for workers as it signifies the fact that workplaces are getting safer and safer.”

The rates that have been approved were recommended by the industry’s rating bureau, the National Council on Compensation Insurance (NCCI). COVID-19-claims were excluded from the NCCI data, which NCCI said would “better reflect the conditions likely to prevail during the proposed effective period.”

By industry classification, the decreases are:

• Manufacturing -2.5%
• Contracting -4.6%
• Office & Clerical -5.3%
• Goods & Services -2.8%
• Miscellaneous -0.7%
• Overall Change Requested -3.0%

In his memorandum approving the rates, Insurance Commissioner Andrew N. Mais noted that the insurance department posted the NCCI rate filing on its website and received one public comment. The department did not hold a public hearing.

Topics Workers' Compensation Talent Connecticut