As reported by the New Hampshire Insurance Department (NHID), employers in New Hampshire may pay less for workers compensation insurance in 2017 because of a recent filing lowering rates and loss-cost factors insurance companies use to develop pricing.

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 -9.0%. 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 insurance companies 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.

“A decrease in workers compensation rates means a decrease in costs to New Hampshire businesses,” Insurance Department Commissioner Roger Sevigny said. “These considerable savings could be used to bring more workers, higher salaries, and expanded operations to New Hampshire.”

The Insurance Department will host a public rate hearing at 10 a.m. on October 4 to give NCCI an opportunity to discuss the filing and to give members of the public and other stakeholders the ability to provide testimony or comments.

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