Connecticut Insurance Department Approves Eleventh Consecutive Year of Rate Decreases
Governor Ned Lamont today announced that the ongoing trend of decreasing rates in workers’ compensation insurance will result in Connecticut businesses receiving a 6% rate decrease beginning January 1, 2025.
The Connecticut Insurance Department has approved an annual workers’ compensation rate filing for 2025 with a decrease of 6.1% to the voluntary market loss costs and a decrease of 6.2% in assigned risk plan rates. This becomes the eleventh consecutive year that the Connecticut Insurance Department has approved rate decreases for workers’ compensation insurance, resulting in significant cost savings for employers. The trend reflects a continued decline in workplace injuries and filed claims.
“These positive trends are good news for Connecticut employers and their workers,” Governor Lamont said. “Workplace safety continues to improve, and business owners are better able to manage costs and invest the savings back into their operations.”
“Workers’ compensation insurance is critical so workers can know they are protected as they work to support their families, and for business owners to help care for the health, well-being, and safety of their employees,” Insurance Commissioner Andrew N. Mais said. “With a decade of decreasing rates coupled with a continued drop in workplace injuries and claims, employers in Connecticut have saved more than $400 million in reduced premiums.”
The National Council on Compensation Insurance proposed the revised rates in a filing in September, basing the rates on past and prospective loss experience. The Connecticut Insurance Department’s official approval and the filing can be reviewed on the department’s website at portal.ct.gov/cid/department-resources/commissioner-orders.
