It’s Official: Lower Workers’ Comp Rates in 2016

The Connecticut Insurance Department has issued its final decision on the 2016 workers’ compensation insurance rate changes proposed by the National Council on Compensation Insurance.
The department approved the overall rate adjustment of -3.9% for policies purchased in the normal, or voluntary, market and reduced NCCI’s proposed change of -6.3% in the assigned risk market to -7.9%.
The rates are “pure premium” rates, which do not include costs associated with administration, premium taxes, and other expenses—nor do they take companies’ claims experience into consideration.
Rates will take effect for policies as they are purchased or renewed on or after Jan. 1, 2016.
Here’s how the proposed rates break down by industry:
Industry                  Voluntary                Assigned
Market                   Risk Market
Manufacturing     – 3.5%                    – 7.5%
Contracting          – 6.0%                   – 9.9%
Office & Clerical   – 6.3%                    – 10.2%
Goods & Services – 3.0%                    – 7.1%
Miscellaneous      – 1.4%                    – 5.5%
Overall                   – 3.9%                      – 7.9%
For more information, email or call CBIA’s Louise DiCocco (860 244.1169).