The state of Connecticut announced that in 2023 the rates for Connecticut workers’ compensation insurance will decrease again. This marks an incredible NINTH year in a row that these rates have fallen in the state and is good news for businesses.
However, the news here is also good for workers who may not see a change in their wallets, but are seeing changes in the workplace for safety. When insurance rates decline it is a reflection of the market saying that it believes that workplaces in the state of Connecticut continue to get safer and are at a smaller risk of having to pay out insurance claims so rates decline. The rates having declined for nine years in a row indicates a pattern of continued safety in Connecticut workplaces.
The rates are determined with help from historical data compiled by the National Council on Compensation Insurance (NCCI) which has continued to show a decline in the Assigned Risk Overall Rate which has steadily declined since an increase was reported at the start of 2015. The Assigned Risk Overall Rate has declined over the following years at the following rate;
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2016 - down 9.2%
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2017 - down 10.9%
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2018 - down 12.6%
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2019 - down 19.8%
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2020 - down 4.5%
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2021 - down 1.4%
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2022 - down 8.2%
This number is the number that the state government uses to determine whether workers’ compensation rates will go up or down each year.
As a worker, these numbers may not mean much to you because it doesn’t necessarily result in your ability to make more money or save more money, but they do directly impact you because as the workplace gets safer, your ability to stay on the job and avoid injury is impacted. When you can stay on the job and not have to file a Connecticut workers’ compensation claim you are more likely to thrive in your job and have a career that is consistent.
No matter what the government or the NCCI thinks about the safety of your workplace, you know it best. You should always follow safety procedures and report any injury or illness that you experience when at your job. If you do get injured you may need to speak with a board certified attorney who has experience in handling all types of situations. Contact our office and one of our attorneys will speak with you about your situation and how they can help protect your long-term interests.
