The Pennsylvania Insurance Department (PID) has approved a workers’ compensation filing with an 8.67% reduction in loss costs.
New or renewal policies issued on or after April 1, 2025 will be subject to the new loss costs.
Because loss costs help determine workers’ compensation insurance rates paid by businesses, the reduction will likely 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 to PID on behalf of insurer that write workers’ compensation insurance in Pennsylvania. Approximately 370 insurance companies offer workers’ compensation insurance coverage in Pennsylvania.
A similar 7.8% reduction in loss costs was approved last April.
Premium savings for individual employers resulting from the lower lost costs will vary based on risk classification, claims experience and other factors.
Topics Profit Loss Workers' Compensation Talent Pennsylvania
Was this article valuable?
Here are more articles you may enjoy.
Rain Helped, But Georgia Officials Warn That Wildfires Still a Threat 
Travelers to Expand Homeowners Insurance Offering in California 
Upstate New York Agent Pleads Guilty to Stealing More Than $50M From Neighbors 
Berkshire CEO Abel Says Insurance Becoming Increasingly Competitive 
