Third Consecutive Annual Drop in Workman’s Comp
Connecticut is known for its excellent quality of life and its high cost of doing business, but for the third year in a row, the worker’s compensation insurance rates in the state have declined. Connecticut Insurance CommissionerKatharine L. Wade recently announced that the state’s worker’s compensation rate would go down by 10.9%.
According to Wade, the driver of the decrease is a clear decline in the number of workplace injuries and claims filed. Previous decreases were all under 5% annually, making this year’s decrease the largest to date.
Wade’s department approved a rate filing by the National Council on Compensation Insurance (NCCI), an agency that engages in reviews of national data on worker’s comp and makes suggestions to state agencies.