Insurance Department Adopts 6.1% Loss Cost Reduction

The Connecticut Insurance Department approved a 6.1% reduction in voluntary market loss costs and a 6.2% decrease in assigned risk plan rates for policies incepting in 2025. The reductions are an average among five industry groups and will be larger for some employers than others. The average loss cost reduction for the manufacturing sector is 8% and 6.9% for contracting. The average loss cost reduction is 5.7% for the miscellaneous group, 5.6% for office and clerical workers and 5.2% for goods and services. Manufacturing and contracting will also have the largest reduction in assigned risk...