New Hampshire businesses may be paying even less for their workers’ compensation insurance next year, which would make it the seventh year in a row that the state’s rates decreased.
The National Council on Compensation Insurance (NCCI) filed a rate proposal with the New Hampshire Insurance Department to reduce voluntary loss costs by 14.0 percent. Loss cost is the portion of an employer’s insurance premiums that pays the claim costs of work-related injuries.
Insurers writing workers’ compensation in the state are required to use the new loss costs to set rates and premiums in the voluntary market.
There is a hearing scheduled for 10 a.m. on October 18th where NCCI plans to discuss the filing and allow testimony or comments from stakeholders. After that and a short public comment period, the New Hampshire Insurance Department Commissioner John Elias will issue a decision on the filing and the rates will apply to policies effective starting January 1, 2019.
“A decrease in workers’ compensation rates means a decrease in costs to New Hampshire businesses.” said Commissioner Elias. “These considerable savings to employers could be used to bring more employees, higher wages, and expanded operations into New Hampshire.”
Read the press release, which includes more information about the hearing, from the New Hampshire Insurance Department.
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