Workers’ compensation costs for employers in Pennsylvania are going down for the sixth straight year.
Acting Insurance Commissioner Michael Humphreys approved a loss-cost filing, including a 6.25% reduction in loss costs, which should lead to lower premiums for many Pennsylvania businesses.
This loss-cost revision was filed by the Pennsylvania Compensation Rating Bureau (PCRB), an independent bureau that makes filings on behalf of companies that write workers’ compensation insurance in Pennsylvania.
The filing is effective as of April 1, 2022.
Last April, the department approved a 3.02 % reduction in loss costs.
Approximately 350 insurance companies offer workers’ compensation insurance coverage in Pennsylvania. The loss-cost filing premium savings for an individual employer will vary based on the employer’s risk classification, claims experience and other factors. Humphreys noted that not all employers will see a decrease in premiums from this reduction.
Department of Labor & Industry Secretary Jennifer Berrier credited increased safety efforts and injury reductions. More than 12,900 state-certified workplace safety committees have been established since March 1994. Employers with certified workplace safety committees have saved more than $847.4 million in premiums, she added, noting there is a five percent premium discount for businesses that have these committees.
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