N.H. worker’s comp sees 13th consecutive year of loss cost reductions
The new rates approved by the NHID will apply to policies effective on or before January 1, 2025.
In early September, the New Hampshire Insurance Department (NHID) announced that it had approved a rate proposal filed by the National Council on Compensation Insurance (NCCI) that would reduce voluntary loss costs by an average of 5.6%. This marks the 13th consecutive year for loss cost decreases in the voluntary market in New Hampshire.
In a release, the NHID stated that consumers will continue to benefit from reforms made at the state level over the last several years that aim to reduce insurance costs and premiums. Not only do these reforms come with monetary benefits, but they also have the affect of ensuring injured workers have better access to care.
“Consistently lower loss costs are a strong indicator of safer work environments and faster recovery times for injured workers,” said Christian Citarella, chief property and casualty actuary for the NHID, said in the release. “The trend of declining workers’ compensation medical expenses, combined with the proactive safety measures embraced by employers and employees alike, continues to drive these favorable outcomes.”
The cumulative loss cost reduction over the last 13 years exceeds 65%, NHID reports. These loss costs demonstrate the part of an employer’s insurance premium that is reserved for paying claim costs for work-related injuries. These costs are a key factor in determining rates and premiums in the market.
The new rates approved by the NHID will apply to policies effective on or before January 1, 2025.