Insurance Department Considering 14.1% Loss Cost Reduction

The Connecticut Insurance Department is considering a 14.1% reduction to the current voluntary loss costs and an overall 8.2% reduction to the current assigned risk rate level. The department on Sept. 24 opened a 30-day comment period on the proposed changes that, if approved, would take effect Jan. 1. The proposed changes are an average and some industry groups will see larger or smaller reductions. The office & clerical group would see the largest reduction in loss costs at 16.6% and the largest assigned risk rate cut at 10.8%. Manufacturing would see the smallest cuts at 13.2% to the...