Kentucky’s largest workers’ compensation insurance provider says it is lowering its rates for businesses around the state for the fourth consecutive year.
The rate reduction by Kentucky Employers’ Mutual Insurance (KEMI) amounts to an overall average decrease of 6.0 percent. Businesses eligible for KEMI’s preferred tier may see rates decrease by as much as 30 percent, according to the insurer.
The company said the reductions will save policyholders more than $9 million in the coming year.
The rate changes go into effect on Oct. 1, 2009 and will apply to both new and renewal policies.
In addition to a fourth consecutive year of decreasing rates, KEMI is lowering its minimum premium requirements from $700 to $500, saving KEMI’s small business accounts an additional $200 on their premiums.
Roger Fries, president and chief executive officer of KEMI, credited underwriting discipline and claims management for his firm’s holding the line on pricing.
KEMI began operations on Sept. 1, 1995 when the state reformed its workers’ compensation market.
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