Connecticut Is Contemplating 14.1% Discount in Loss Prices – Enterprise Insurance
Connecticut Insurance is considering reducing the current cost of voluntary losses by 14.1% and an overall reduction of 8.2% to the currently assigned risk rate level.
The department opened a 30-day comment period on Sept. 24 on the proposed changes, which, if approved, would go into effect on Jan. 1.
The proposed changes are average and some industry groups will see major or minor reductions.
The office and office group would experience the largest reduction in loss costs with 16.6% and the largest reduction in the assigned risk ratio with 10.8%. Manufacturing would experience the smallest cuts at 13.2% in voluntary loss costs and 7.2% in the assigned risk ratio.
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