CT Insurance Regulators Approve Rate Hike For Workers Compensation

State insurance regulators have approved rate hikes for workers compensation insurance next year. As WNPR’s Harriet Jones reports, the rate rise will hit some of the state’s employers more severely than others.

Workers compensation insurance is paid by employers to cover the costs of medical care and wage benefits for workers who are injured on the job. The rate hikes are complex because every industry has a different risk and a different rate. The new rates have been worked out by the National Council on Compensation Insurance, and were approved recently by the state’s Insurance Department.

While some employers will actually see their rates decline, the majority will see an increase, many in double digits. The average across the state is a 5.8% hike, the highest of any state save Florida. That’s a change from recent history when rates have been relatively stable – for most of the last decade rates in the regular market have actually fallen marginally each year. And for some employers, the rise is the largest in more than a decade – hospitals will be paying 26% more for some of their employees, while fast food restaurants will see a hike of 10%.

For WNPR, I'm Harriet Jones.