WORKERS’ COMP. MARKET RATE REDUCTION FOR 2024
On Aug. 16, the New Hampshire Insurance Department sent notice that it approved a rate proposal filed by the National Council on Compensation Insurance that will reduce voluntary loss costs by 14% on average.
Loss costs in the voluntary market have decreased in each of the last 12 years, and more than 63% cumulatively over this period. 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 insurers 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 and are permitted to make adjustments for their own company expenses.
“Lower loss costs are indication of safer workplaces and quicker recovery times when injuries do occur,” said Christian Citarella, chief property and casualty actuary for the NHID. “These factors, in conjunction with a continued downward trend in workers’ compensation medical expenses, have resulted in lower insurance rates for employers.”
“There is a very strong market for workers’ compensation products right now, enabling business owners to shop around with multiple carriers for the best deal on workers’ compensation insurance,” said NHID Deputy Commissioner D.J. Bettencourt. “Continued stability in this market benefits both business owners and employees across the Granite State.”
The new rates will apply to policies effective starting on Jan. 1, 2024.
CITIZENS FINANCIAL GROUP ANNOUNCES $50B SUSTAINABLE FINANCE TARGET
Citizens Financial Group Inc. announced last month a $50 billion Sustainable Finance Target including $5 billion in green financing, by 2030. The company also announced that it will engage corporate clients in high-emitting sectors on climate-related topics. To start, it will engage 100% of its oil and gas clients by the end of 2024. In addition, Citizens has committed to achieving carbon neutrality by 2035.
To support sustainable solutions, Citizens will finance and facilitate environmental and social initiatives, including affordable housing, support for small businesses, and community development projects. It also encompasses $5 billion in financing and facilitation for green initiatives that support a lower-carbon future such as renewable energy, clean technologies, and green buildings.
Citizens also set Scope 1 and 2 emissions targets in 2021 that will be achieved through ongoing energy conservation investments and energy reduction initiatives across the company’s footprint.
By 2035, Citizens is targeting to offset the remaining Scope 1 and 2 emissions through high-quality offsets and renewable energy credits. Last year, Citizens entered into a virtual power purchase agreement with Ørsted that supports the construction of a wind generation facility in Kansas.
NH LOTTERY EXPECTS RECORD-BREAKING BETTING VOLUME THIS FOOTBALL SEASON
New Hampshire sports bettors wagered more than $5.8 million on opening weekend NFL games, and have already wagered $13.1 million on the NFL and college football combined this year. Last year, New Hampshire players bet more than $261 million on both the NFL and NCAA football.
Last season, New Hampshire players wagered an average of $8.9 million per week on the NFL, bringing in a total of $178 million. Sports bettors in New Hampshire also wagered more than $9.2 million on Super Bowl LVII alone.
In Fiscal Year 2023, NH Lottery and DraftKings — the exclusive provider for sports betting in New Hampshire — players wagered more than $883 million, generating $36.9 million in revenue to support New Hampshire public education.
