Workers’ Comp Rates Could Rise in 2012

10.07.2011
Issues & Policies

Many employers will pay higher workers’ compensation insurance premiums in 2012 if the state Department of Insurance approves rates proposed by the National Council on Compensation Insurance, Inc., (NCCI).

NCCI, which analyzes and recommends workers’ comp rates for insurers in more than 40 states,says the rates would be effective Jan. 1, 2012 for new and renewal voluntary and assigned risk policies.  

The group proposes an overall pure premium level increase of 4.5% for the voluntary market and an overall increase in assigned risk rates of 2.9% from the current assigned risk rates effective Jan. 1, 2011.

Costs for self-insured companies will likely increase as well, since their costs generally mirror those for insured businesses.

Breakdown of Voluntary Market (Overall +4.5%)

<ul>

  • Manufacturing  +6.0%
  • Contracting  +5.3%
  • Office and Clerical  +3.0%
  • Goods and Services  +3.4%
  • Miscellaneous  +6.2%
  •            
     For more information, contact CBIA’s Kia Murrell at 860.244.1931 or kia.murrell@cbia.com.

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