Workers compensation insurance rates will drop nearly 17 percent effective Jan. 1, the Connecticut Insurance Department announced.
It’s the fifth consecutive annual decline in rates, CID said.
“The rates reflect an ongoing decrease in the number of workplace injuries and claims filed,” Insurance Commissioner Katharine Wade said in a statement. “We are also seeing, on average, lower medical costs per claim.”
On Monday, CID approved the annual rate filing from the National Council on Compensation Insurance, which tracks workers compensation data and markets.
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The 2019 decrease follows a 14 percent decrease that took effect at the beginning of this year. Overall, CID said rates have dropped by nearly half in the past five years.
