For Immediate Release
Sen. Tony Hwang, Ranking Senator on the Insurance and Real Estate Committee, today issued the following statement regarding the state’s announcement that businesses in Connecticut will receive a nearly 10% decrease in rates for workers’ compensation insurance beginning on January 1, 2024. The decrease in workers’ compensation premiums is a result of actuarial analysis of claims and risks. This reflects an ongoing decrease in the number of workplace injuries and claims filed. For the past nine years, the cumulative impact has saved businesses more than $300 million in reduced premiums. In Connecticut, the average monthly cost for workers’ compensation premiums is approximately $53 or $636 annually. With a 10% reduction, the average monthly expense is going to be roughly $48 or $564 annually. The latest reduction translates to more than $30 million in savings for policyholders in 2024.
Sen. Hwang said, “We continue to move in the right direction when it comes to workers’ comp rate decreases, but there is much more work to do. We can all agree that health insurance and health care in Connecticut is unaffordable. Connecticut Senate Republicans have offered “A Better Way to Affordable Health Care” – a package of achievable and reasonable policy proposals which seek to implement a reinsurance program to defray high cost claims, lower health care premiums by nearly 30 %, and eliminate a tax requirement when buying health insurance. Our plan also calls for small businesses to join in associations to pool resources to buy group health plans together. This latter solution – Association Health Plans – has bipartisan — and bicameral — support. It notably has the backing of 37 organizations, including the Connecticut Business and Industry Association, the Connecticut Community Nonprofit Alliance, the Connecticut Restaurant Association, the Connecticut Brewers Guild, as well as Chambers of Commerce from Danbury to New Haven to Waterbury and the Naugatuck Valley. Getting these policies passed in bipartisan fashion will continue to be among my top priorities in the 2024 legislative session. I will continue to spread the word about these common sense solutions to area chambers of commerce, small businesses and nonprofit organizations.”
Attached photo:
Sen. Tony Hwang (left) visiting a CT small business. Sen. Hwang is working to make health care more affordable.
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