Workers Compensation Premium Recovery will help Connecticut’s 3.2% Loss Cost Increase

November 6, 2013

Connecticut regulators have approved the National Council on Compensation Insurance’s workers’ compensation filing for an overall 3.2% change for voluntary market advisory pure premium loss costs and an overall 5.7% change in assigned risk plan rates.

NCCI filed its proposal in September. The changes will become effective January 1, 2014.

Industries all across the board in the voluntary market are seeing increases of 2 to 6%. The assigned risk market is seeing even higher loss cost increases of up to 8%.

Workers compensation premium recovery knocks down inflated experience mods and will certainly help brokers retain clients who will see higher premiums with the new loss-cost increases in Connecticut as of January 1st. There are no out of pocket expenses to you or your clients, as this service is a zero-cost profit center.