Insurance Department Approves 9.8% Loss Cost Reduction

The Connecticut Insurance Department approved a 9.8% reduction in voluntary market loss costs and a 10.5% decrease in assigned risk plan rates for 2024. The reductions are an average among five industry groups and will be larger for some employers than others. The average loss cost reduction for both the manufacturing and the goods and services groups is 11%. The loss cost reduction is 10% for contracting, 9.2% for office and clerical workers and 6.3% for the miscellaneous group. Manufacturing and goods and services will also enjoy the largest reduction in assigned risk market rates at 11.7...