A filing most Kentucky insurance carriers will use to develop rates for workers’ compensation coverage shows another decrease in loss costs for 2007, according to Gov. Ernie Fletcher.
The state Office of Insurance approved the National Council on Compensation Insurance Inc. filing and will become effective Oct. 1.
“We are encouraged to see the continuing improvement in the market,” said Fletcher. “This is good news for Kentucky employers since workers’ compensation insurance is a large part of the cost of doing business. However, it’s even better news for Kentucky’s workforce since it shows a continuing trend of fewer workplace injuries.”
The loss costs figures show an average reduction of 6.1 percent for the 598 industrial classes used in Kentucky. These classes include manufacturing, office and clerical, contracting, and goods and services. For coal classes, underground mining costs dropped 8.5 percent while surface mining remains unchanged.
Source: Office of the Governor of Kentucky
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