The New Hampshire Insurance Department (NHID) recently approved a workers’ compensation rate proposal that will reduce voluntary loss costs by 14% on average.
The new rates will apply to policies effective starting on January 1, 2024.
According to the insurance department, loss costs in the voluntary workers’ compensation market have decreased in each of the last 12 years, and more than 63% cumulatively over this period. For 2023, voluntary loss costs were reduced 7% on average and for 2022, they were down 8% on average.
