Connecticut Governor Ned Lamont announced Monday that state companies will see another reduction in workers’ compensation insurance starting January 1, 2023.
The Connecticut Insurance Department approved annual reporting reductions of 3% to workers with pure premium loss costs.
This marks the ninth consecutive year the department has approved rate cuts for workers’ comp insurance, saving Connecticut businesses more than $300 million, according to a statement from the governor’s office, which cited safer workplaces as the reason for the steady reductions.
“Loss costs and assigned risk levels have steadily declined over the past nine years, helping companies better control the cost of workers̵7; compensation insurance — one of their critical operating expenses,” State Insurance Commissioner Andrew N. Mais said in the statement. “This reflects an ongoing reduction in the number of workplace injuries and reports.”