Insurance Commissioner Approves 14.1% Rate Decrease

Connecticut Insurance Commissioner Katharine L. Wade has approved a 14.1% pure premium decrease for the voluntary market and a 12.6% decrease for the assigned risk market, marking the fourth rate decrease in as many years.  Wade approved the rates filed by the National Council on Compensation Insurance in September without changes. NCCI found that the frequency of lost-time claims in Connecticut had dropped “considerably” and that increases in average medical costs for lost-time claims had moderated after years of steep increases.  The Connecticut Insurance Departm...