Connecticut employers will see their workers' compensation insurance premiums decrease in 2018 for the fourth consecutive year.
The Connecticut Insurance Department Nov. 6 approved an average 14% rate decrease for workers' compensation insurance.
The rate was based on recommendations from the National Council on Compensation Insurance, which analyzes and recommends rates in more than 40 states.
CBIA counsel Louise DiCocco said Connecticut businesses will welcome the new, lower rates.
"This is great news for Connecticut employers," she said.
"Workers' compensation insurance is a significant cost for all Connecticut businesses, regardless of their size.
"With so many other business costs increasing, this represents a substantial cost savings for the state's employers."
New Rates Effective January 1
In September, NCCI proposed a 14.1% overall average rate reduction for the voluntary market and a 12.6% overall reduction for the assigned risk market.
The new premium rates are effective for policies renewing on or after Jan. 1, 2018.
Rate reductions vary by industry classification, ranging from 17% for office and clerical to 12.5% for goods and services in the voluntary market, and from 15.6% to 10.9% in assigned risk for the same sectors.
Manufacturers will see a 14.7% reduction in the voluntary market and 13.2% in assigned risk.
Insurance Department commissioner Katherine Wade said the continued decreases in premium rates were "a result of the reduction in the number of workplace injuries and claims filed."
"Additionally, the average medical cost per claim has moderated in recent years," she said in a statement.
The Insurance Department approved NCCI's recommended 10.9% overall rate reduction for both markets last year.
Rates dropped 3.9% in 2015 and 0.6% in 2014 following five consecutive years of increases.