Connecticut regulators weighing proposed 7 percent loss cost hike
Experience, trend, benefits, and expenses are the four components cited for NCCI's proposed workers' comp rate hike in Connecticut.
The Florida-based agency proposed an increase of 7.1 percent for voluntary loss costs and a 0.4 percent increase to the assigned risk rate level to take effect in January.
In its filing, NCCI notes:
- Lost time claim frequency increased in 2010 following several years of decline.
- The average medical cost per case increased significantly in 2010 following a period of modest increases.
- Average indemnity cost per case continues to increase at a slightly faster pace than wages.
Insurance Commissioner Thomas B. Leonardi said there would be no public hearing. However, interested parties may provide comments for consideration.
Read more at the WorkersComp Forum homepage.
October 25, 2012
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