Workers' comp rates to rise in 2008
(Dec. 12, 2007) The Connecticut Insurance Department has issued its final rate order approving the workers' compensation insurance rates proposed by the National Council on Compensation Insurance (NCCI).
On average, Connecticut employers will see increases in the basic rates affecting their workers’ compensation premiums in 2008.The overall change approved for policies purchased in the normal, or “voluntary,” market is +3.4%. The overall premium level change approved for the assigned risk pool is +1.2%.
The rates will be effective Jan. 1, 2008, for new and renewal policies. Here are the new rates, by industry:
| Industry
| Voluntary Market
| Assigned Risk Market |
| Manufacturing |
+ 0.5% |
-1.6% |
| Contracting |
+ 3.0% |
+ 0.8% |
| Office/clerical |
- 0.1% |
- 2.2% |
| Goods/services |
+ 4.1% |
+ 1.9% |
| Miscellaneous |
+10.8% |
+ 8.5% |
| Overall |
+ 3.4% |
+ 1.2% |
For more information, contact CBIA's Kia Murrell at 860-244-1900 or murrellk@cbia.com.
|
