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​Governor Lamont Announces Workers’ Compensation Rates Decrease for Eighth Consecutive Year, Saving Millions for Connecticut Businesses

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(HARTFORD, CT) – Governor Ned Lamont today announced that Connecticut businesses will see another rate decrease in workers’ compensation insurance in 2022. The Connecticut Insurance Department has approved a filing with decreases of 14.1% to workers’ compensation pure premium lost costs, and an 8.2% reduction in assigned risk rates. The decreases pave the way for insurance companies to reduce the workers’ compensation premiums for individual businesses in Connecticut.
This is the eighth consecutive year of rate decreases in Connecticut. Since Governor Lamont was inaugurated in 2019, Connecticut businesses have experienced savings of more than $140 million in workers’ compensation premiums – a significant savings compared to the $800 million workers’ compensation book of business in the state.
“This further decline in workers’ compensation insurance premiums is good news for businesses, enabling employers to invest more money back into their companies and employees, and providing a boost to our economy,” Governor Lamont said. “It’s even better news for workers, because the decrease reflects the fact that workplaces are getting safer and safer.”
“The loss costs and assigned risk rates have steadily gone down over the last eight years, helping businesses better control workers’ compensation insurance costs – one of their critical operating expenses,” Connecticut Insurance Commissioner Andrew N. Mais said. “This reflects an ongoing decrease in the number of workplace injuries and claims filed. For the duration of these eight years, the cumulative impact has been over $300 million in reduced premium savings.”
In the voluntary market, which is the open competitive market, loss costs (the primary component of workers’ compensation rates) will decrease by an average of 14.1%. Most Connecticut employers purchase workers’ compensation coverage in the voluntary market. In the assigned risk market, which is the market for employers unable to obtain coverage in the voluntary market, rates will also decrease by an average of 8.2%. The continued rate relief in the assigned risk market benefits the many businesses in that market because of poor prior loss history and related reasons. It is particularly good news for new businesses that are often forced to obtain coverage in this market because they lack the business experience to be written in the admitted market.
The Connecticut Insurance Department issued a memorandum and order approving the filing of the National Council on Compensation Insurance (NCCI). The council compiles data annually from the workers’ compensation market in Connecticut and countrywide to propose loss costs/rate adjustments for the ensuing year.
With the approval of the NCCI filing effective January 1, 2022, companies in the voluntary market review their own loss cost experience (actual losses and claim adjustment expenses) and company expenses and submit individual company rate filings to the Connecticut Insurance Department.
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  • Surreal ValeCity online media
  • May 10 2022 Edition
    • Liberty Point Restaurant Philadelphia
    • South 9th St Italian Market Festival
    • Elections 2022 >
      • Kelly for Alaska >
        • Tshibaka Endorsed by Harold Hamm
        • Jimmy Carter Lisa Murkowski Create Obstacles
        • Tshibaka Murkowski Gross Disregard Workers
        • Kelly Tshibaka Leaked Draft Supreme Court
    • Covid 19 Influenza Update May 15-21
    • Gov Lamont State Parks Season
    • Gov Lamont Flags Half Staff Memorial Day
    • Gov Lamont Update Coronavirus Response May 27
    • Gov Lamont Update Coronavirus Response May 26
    • Gov Lamont Juneteenth Legal Holiday
    • Gov Lamont Park ConneCT Resume
    • Gov Lamont Update Coronavirus Response May 25
    • Gov Lamont Find Your Vibe Campaign
    • Baker Polito New Data Hub
    • Gov Baker Nominates Colette M Santa
    • Gov Baker Nominates William J Galvin
    • Gov Whitmer Lowers Flags Memorial Day
    • Gov Whitmer State of Emergency Tornado
    • Gov Whitmer Statement Severe Weather
    • Gov Whitmer Adopt A Charger
    • Gov Whitmer Supporting Michigan Students
    • Gov Whitmer Appointments Commissions May 26
    • Gov Whitmer Kicks Off Tuition Giveaway
    • Gov Whitmer Road Repair Baraga
    • Gov Whitmer ATESTEO Headquarters East Lansing
    • Gov Whitmer Agencies Protect Reproductive Healthcare
    • Gov Whitmer Welcomes Secretary Buttigieg
    • Gov Parson Two Appointments Ethics Commission
    • Gov Sisolak Phase 1 High Speed Initiative
    • Gov Sisolak Flags Half Staff School Shooting
    • Covid 19 Situation Update May 25
    • NC Transition 988 Suicide Prevention Number
    • Utah Governor Join Navajo Nation President
    • Oscar Isaac Three Little Wishes Revealed
    • Hellertown Lower Saucon Dine in Dimmick
    • Greater Northern Lehigh Spirit Awards
    • Jacquelyn Garcia Vadnais Judge Passion
    • Passion Open Call Judge Daniel Corazar
    • Passion Open Call Judge Melissa Hernandez
    • Passion Open Call Judge Morgan Falconer
    • Multipart Project New Work Carmen Winant
    • Experience Art of Jazz Greater Philadelphia
    • Passport to History Teachers Night Out
    • Bethlehem Chamber Annual Awards Reception
    • Statement Brooke Rollins Memorial Day
    • America First Institute Statement Title 42
    • AFPI Georgia Primary Breaks Records
    • Alejandro Blanco Bravo Welcomes TWG Family
    • Gettr Statement Jack Dorsey Departing Twitter
  • Supporting ALL Law Enforcement
  • Thanks to the sponsors
  • Staff and Contact Information
  • Archive 2022
  • Archives 2021
    • Community >
      • Feeding the Homeless Philadelphia
  • Archives 2020
  • Archives 2016 - 2019
  • A Valley and Beyond