Department Approves Another Loss Cost Decrease: 9.6% for 2020

Tuesday, September 3, 2019 | 0

The New Hampshire Insurance Department has approved a 9.6% decrease in voluntary loss costs, effective Jan. 1, the department announced this week.

Commissioner John Elias

The decrease, recommended by the National Council on Compensation Insurance, marks the eighth-straight year of declining workers' compensation rates in the Granite State.

“A decrease in workers' compensation rates means a decrease in costs to New Hampshire businesses,” Insurance Department Commissioner John Elias said in a statement. “These are considerable savings to employers that could be used to hire employees, offer higher wages or expand operations in New Hampshire.”

The loss cost is used by insurers to set rates and premiums in the voluntary market, the department said. All insurers writing voluntary workers' compensation in New Hampshire are required to use the new loss costs, along with experience and payroll, to cover company expenses.