Kentucky comp loss costs continue decline except in coal industryPosted On: Oct. 11, 2017 12:08 PM CST
The Kentucky Department of Insurance on Tuesday announced its approval of the 2017 rate filing provided by the National Council on Compensation Insurance, showing decreases in virtually every industry but that which serves coal.
According to the loss costs figures submitted in the 2017 rate filing, there is an average reduction of 4.6% for the 592 industrial classes used in Kentucky — making this the 12th consecutive year of declining loss costs. The industrial classes include manufacturing, office and clerical, contracting, and goods and services.
Yet not all classes experienced a reduction: coal classes increased 28.4% for surface mining and 29.5% for underground mining. Upon review, the department approved a slightly lower 25% increase for both classes, according to a press release. The coal class increases were necessary due to federal pneumoconiosis — black lung — benefits covered under the workers comp policies, insurance commissioner Nancy Atkins said in a press statement.
Ms. Atkins attributed the overall decrease to the hard work of Kentucky employers and workers. “We were very pleased to see another decrease,” she said in a press statement. “This shows that the workers’ compensation insurance market in the Commonwealth is strong, and Kentucky employers are committed to keeping costs down and improving safety records.”
The approved rate filing is effective Oct. 1.