NEW HAVEN, Conn. (WTNH) — Connecticut businesses will get a nearly 10% decrease in the rate for workers’ compensation insurance, beginning in 2024.
Gov. Ned Lamont announced on Wednesday that the Connecticut Insurance Department approved an annual workers’ compensation rate with a decrease of 9.8% to voluntary market loss costs and a decrease of 10.5% in assigned risk plan rates.
This marks the 10th year that the department has approved a rate decrease. According to Lamont, the new rate will go into effect on Jan. 1, 2024.
“These lower rates will help Connecticut businesses save money, enabling them to invest these savings back into their companies and employees,” Lamont said in a press release. “It’s also good news for workers because it is the result of an ongoing drop in the number of claims filed, meaning that workplaces in our state are getting safer and safer.”
Lamont also said that this decrease in workplace injuries and filed claims has saved more than $300 million in reduced premium expenses for businesses.
| Workers’ compensation rate changes in Connecticut over the last 10 years | ||
| NCCI Filing Effective Date | Assigned Risk Overall Rate Change | Voluntary Market Overall Loss Cost Change |
| 1/1/2024 | -10.5% | -9.8% |
| 1/1/2023 | 0% | -3.0% |
| 1/1/2022 | -8.2% | -14.1% |
| 1/1/2021 | -1.4% | -1.8% |
| 1/1/2020 | -4.5% | -2.9% |
| 1/1/2019 | -19.8% | -16.8% |
| 1/1/2018 | -12.6% | -14.1% |
| 1/1/2017 | -10.9% | -10.9% |
| 1/1/2016 | -9.2% | -3.9% |
| 4/1/2015 | -2.3% | -2.3% |
| 1/1/2015 | -0.5% | -0.6% |
For more information on the filing, visit the department’s website.