(Concord, NH – Insurance News 360) – If the rate proposal to the New Hampshire Insurance Department for a 13.3 percent reduction of voluntary loss costs is approved.

This cost is the part of an insurance premium that pays for work-related injuries, and is wat insufrefrs use to set rates and premiums in the voluntary market. All insurers writing voluntary workers compensation in New Hampshire must use the new loss costs, along with a loading to cover company expenses.

The NCCI has filed a decrease of 10.3 percent for the assigned risk, or “residual,” market. The residual market ensures access to workers compensation for companies that can’t get coverage on the open market.

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

“The decrease in workers compensation rates is great news for job creators and seekers all across the Granite State,” said Governor Chris Sununu. “This will increase New Hampshire’s advantage with regards to attracting, retaining, and growing jobs.”

The NCCI is a licensed rating and statistical organization that gathers data, analyzes industry trends, and prepares workers compensation rate filings for New Hampshire and many other states.

Source: New Hampshire Insurance Department.