The New Hampshire Insurance Department published a press release announcing that it has approved a rate proposal that will reduce voluntary loss costs for workers' compensation insurance in 2025.
Loss costs are the portion of an employer's insurance premium dedicated to covering claims costs for work-related injuries. They are a major factor in determining rates and premiums in the voluntary market. Voluntary lost costs have been reduced by 5.6% on average. This marks 13 consecutive years of loss cost decreases for the voluntary market and a cumulative reduction of over 65%.
All insurers writing workers' compensation in the state are required to use the new loss costs. There may be some exceptions based on a company's specific expenses. The new rates are to be applied to policies effective on or after January 1, 2025.
The press release can be found here.