The latest industry loss cost filing approved for Kentucky workers compensation shows an average reduction of 9.3 percent for the 564 industrial classes. These classes include manufacturing, office and clerical, contracting, and goods and services.
Underground mining loss costs dropped 6.6 percent while surface mining rose 3.4 percent for an overall 4.5 percent reduction for coal classes.
The filing, effective Oct. 1, was by the National Council on Compensation Insurance Inc. (NCCI). Most insurance carriers will develop rates based on these lowered loss cost figures.
“These loss costs, particularly for industrial classes, show drastically improved experience in the Kentucky market with dropping frequency of claims and increased premium volume,” said Julie Mix McPeak, executive director of the Office of Insurance.
Source: Kentucky Office of Insurance
Was this article valuable?
Here are more articles you may enjoy.
Howden Buys M&A Insurance Broker Atlantic Group in US Expansion 
Good Times for US P/C Insurers May Not Last; Auto Challenges Ahead 
Relief But Questions on Agents’ Duties to Insureds After Florida Court Ruling 
Four in New Jersey Face Charges in Alleged $250K Travel Insurance Scam 
