Connecticut Insurance Commissioner Katharine L. Wade announced Friday that she has approved a 3.9% reduction in voluntary market loss costs and a nearly 8% reduction in assigned risk plan rates.
Wade said when the reductions take effect on Jan. 1, voluntary market workers' compensation will have dropped by a cumulative 7% in the last two years and assigned risk rates by nearly 10%.
“We are seeing a steady decline in the number of claims and robust competition is also helping to drive down costs,” Wade said in a statement. “There are about 300 companies licensed to s...
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