New Hampshire Workers’ Comp Rates May Decrease for Sixth Year in a Row
New Hampshire employers could pay less for their workers’ comp insurance next year because of a filing that lowers rates and loss cost factors insurers use to develop prices. This move would mark the sixth year in a row that New Hampshire workers’ comp rates have decreased, according to a press release issued by the New Hampshire Insurance Department.
The National Council on Compensation Insurance (NCCI) filed a rate proposal in August with the New Hampshire Insurance Department to reduce voluntary loss costs by 13.3 percent.
The loss cost is the portion of an employer’s insurance premium that pays claims costs for work-related injuries. It is ultimately used by insurers to set rates and premiums in the voluntary market. All insurers writing voluntary workers’ compensation in New Hampshire are required to use the new loss costs, along with a loading to cover company expenses.
The NCCI has filed a decrease of 10.3 percent for the assigned risk, or “residual,” market. The residual market ensures access to workers’ comp for companies that are not able to buy coverage on the open market.
After a short public comment period,
Commissioner Roger Sevigny will issue a decision on the filing, and the new rates will apply to policies effective Jan. 1, 2018.
“The decrease in workers’ compensation rates is great news for job creators and seekers all across the Granite State,” said Governor Chris Sununu in a press release issued by The New Hampshire Insurance Department. “This will increase New Hampshire’s advantage with regards to attracting, retaining and growing jobs.”
The department’s mission is to ensure a safe and competitive insurance marketplace through the insurance laws of the State of New Hampshire.