Workers compensation rates declining for employers

CONCORD, N.H. (AP) - The New Hampshire Insurance Department says workers compensation rates for employers are declining for the eighth year in a row.

The department says it approved a rate proposal filed by the National Council on Compensation Insurance that will reduce voluntary loss costs by 9.6%. A loss cost is the portion of an employer’s insurance premium that pays claims costs for work-related injuries. It’s ultimately used by insurers to set rates and premiums in the voluntary market.

Insurance Commissioner John Elias said the savings to employers could be used to hire workers, offer higher wages, or expand operations in New Hampshire.

The new rates will apply to policies starting on Jan. 1, 2020.