New Hampshire to Continue Stable Workers’ Compensation Rates
Posted by Fortified Insurance Agency on
This memo was copied from a press release from the NH Insurance Department concerning the continued lower rates for WC. Good news for NH business!
CONCORD, NH – The New Hampshire workers’ compensation insurance market will continue to experience historically low rates in 2021. Today, the New Hampshire Insurance Department approved a rate proposal filed by the National Council on Compensation Insurance (NCCI) that will reduce voluntary loss costs by 1.8% on average.
Loss costs in the voluntary market have decreased in each of the last eight years and 50% cumulatively over this period. The loss cost is the portion of an employer’s insurance premium that pays claims costs for work-related injuries. The loss cost 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, and are permitted to make adjustments for their own company expenses.
“It is encouraging to see continued stability in the workers’ compensation market,” said Insurance Department Commissioner Chris Nicolopoulos. “Continued low insurance rates provide stability for employers during a time of financial uncertainty for many New Hampshire businesses.”
The new rates will apply to policies effective starting on January 1, 2021.
The NCCI is a licensed rating and statistical organization that gathers data, analyzes industry trends, and prepares workers compensation rate filings for New Hampshire and many other states.