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Overall loss costs have decreased for the 14th consecutive year in Kentucky, the state’s Department of Insurance announced in a news release Thursday.
The state’s insurance agency approved the 2019 annual workers compensation rate filing used to develop comp coverage rates. This year, the state showed an overall decrease in loss cost again, which the DOI commissioner attributed to legislative reforms, the leadership of the state’s governor and general assembly, and the continued reduction of workplace injuries.
“The overall decrease demonstrates … the commitment of Kentucky employers to employee safety,” Nancy Atkins, DOI commissioner, said in a statement. “The Commonwealth is taking the necessary steps to increase investment and job creation. The decreased claim figures continue to make Kentucky an attractive state to do business.”
According to the loss cost figures submitted in the 2019 annual rate filing, the state saw an average reduction of 9% across class codes, and the DOI has approved more than a combined 25% decrease in loss costs in the past two years. used in Kentucky. However, employers in surface and underground are unlikely to see a decrease in costs, as the loss costs for those industries have increased by 6.2% and 5.5%, respectively, according to the news release.
The approved rate filing is effective Oct. 1.
Legislation to update Kentucky’s workers compensation system passed the state’s House of Representatives on Wednesday and is now headed for a Senate vote.