Connecticut Insurance coverage Division Approves Eleventh Consecutive Yr of Charge Decreases
Governor Ned Lamont in the present day introduced that the continuing pattern of reducing charges in staff’ compensation insurance coverage will end in Connecticut companies receiving a 6% price lower starting January 1, 2025.
The Connecticut Insurance coverage Division has authorised an annual staff’ compensation price submitting for 2025 with a lower of 6.1% to the voluntary market loss prices and a lower of 6.2% in assigned danger plan charges. This turns into the eleventh consecutive yr that the Connecticut Insurance coverage Division has authorised price decreases for staff’ compensation insurance coverage, leading to important value financial savings for employers. The pattern displays a continued decline in office accidents and filed claims.
“These constructive tendencies are excellent news for Connecticut employers and their staff,” Governor Lamont stated. “Office security continues to enhance, and enterprise homeowners are higher in a position to handle prices and make investments the financial savings again into their operations.”
“Employees’ compensation insurance coverage is vital so staff can know they’re protected as they work to assist their households, and for enterprise homeowners to assist take care of the well being, well-being, and security of their workers,” Insurance coverage Commissioner Andrew N. Mais stated. “With a decade of reducing charges coupled with a continued drop in office accidents and claims, employers in Connecticut have saved greater than $400 million in decreased premiums.”
The Nationwide Council on Compensation Insurance coverage proposed the revised charges in a submitting in September, basing the charges on previous and potential loss expertise. The Connecticut Insurance coverage Division’s official approval and the submitting will be reviewed on the division’s web site at portal.ct.gov/cid/department-resources/commissioner-orders.
