NCCI Proposes 9.8% Loss Cost Reduction

The National Council on Compensation Insurance is proposing an average 9.8% reduction in voluntary loss costs for Connecticut, effective Jan. 1. At the same time, NCCI is proposing an average decrease of 10.5% to the assigned risk rate level. The filing is based on premium and loss experience for policy years 2020-2022 and excludes claims for COVID-19. NCCI said the primary driver of the proposal is improved experience. Lost-time claim frequency has generally been declining in the state. Although claims increased in policy years 2020 and 2021, frequency declined a cumulative 5% over the pe...