Attention Investors:

Loss Costs Continue to Decrease in Workers Compensation for 19th Consecutive Year

The Kentucky Department of Insurance announced yesterday that workers’ compensation insurance is decreasing in Kentucky for the 19th consecutive year. The annual filing insurance carriers used to develop rates for workers’ compensation coverage shows an average reduction of 8.4% in loss costs.  

Loss cost is the amount of money an insurance company must pay to cover a claim and is an important factor in calculating premium costs. Lowering loss costs over the last 19 years highlights strong programming and prioritization of employee safety across Kentucky employers.  

The loss cost figures show an overall reduction for class codes used in Kentucky. The industrial classes include manufacturing, office and clerical, contracting and goods and services.  

 

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