The National Council on Compensation Insurance has recommended an average 3% reduction in workers’ compensation premiums for Connecticut’s voluntary market.
Proposed changes to the voluntary loss cost level will vary by industry group, with NCCI proposing an average reduction of 0.7% for the miscellaneous sector and a 5.3% reduction for the office and office sector. NCCI recommends a 4.6% reduction for contracting, a 2.8% reduction for goods and services, and a 2.5% reduction for manufacturing.
NCCI proposes no change to the current assigned risk level.
The new loss costs and unchanged risk level would apply to policies starting on or after January 1.
Eric Gjede, vice president of public policy for the Connecticut Business & Industry Association, recommended in a Sept. 29 letter that the state insurance department adopt NCCI̵7;s recommended cuts.
“The proposed tax cut partially reflects changes in the workplace as a result of the COVID-19 pandemic, including increased telecommuting and a reduction in business travel,” Gjede wrote. “More importantly, reductions in certain types of injuries and claims demonstrate that Connecticut employers are continuing their commitment to creating the nation’s safest possible working conditions for employees.”
WorkCompCentral is a sister magazine to Business Insurance. More stories here.