The Kentucky Department of Insurance announced today in a legislative update that workers’ compensation insurance is decreasing in Kentucky for the 20th consecutive year. The annual filing insurance carriers used to develop rates for workers’ compensation coverage shows an average reduction of over 9% 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 20 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.