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.
Florida’s Commercial Clearinghouse Bill Stirring Up Concerns for Brokers, Regulators 
A 10-Year Wait for Autonomous Vehicles to Impact Insurers, Says Fitch 
Q4 Global Commercial Insurance Rates Drop 4%, in 6th Quarterly Decline: Marsh 
Insurify Starts App With ChatGPT to Allow Consumers to Shop for Insurance 
