A series of racehorse deaths that led Churchill Downs Inc. to suspend racing earlier this month at its track in Louisville, Kentucky, pending safety reviews, has not yet affected equine insurance rates, but that could change, some experts say.

Twelve thoroughbreds died at the track, which is home to the Kentucky Derby, during a five-week period starting April 27.  Two horses were also euthanized at Belmont Park racetrack in Elmont, New York, earlier this month during the weekend of the Belmont Stakes, the finale of the Triple Crown, renewing scrutiny of the industry’s safety protocols.

It’s not clear if mortality coverage was in place that would cover the most recent racehorse deaths, sources said. Some racehorse owners and investors purchase coverage, while others choose to retain the risk themselves.

Mortality coverage is based on the market value of a racehorse, which can range from thousands to tens of millions of dollars for winners of marquee events that have the potential to go on to successful breeding careers.

The cluster of 12 horse deaths was not a “hurricane, or a named storm for the insurance market,” said Michael Levy, president of Muirfield Insurance, an equine insurance agency based in Lexington, Kentucky.

“It would have no monetary impact … on any annual fiscal results,” Mr. Levy said.

All-risk mortality policies typically pay out on the death of a horse, if it is injured or ill and if euthanasia is required, he said.

“Euthanasia is determined by the attending veterinarians in conjunction with an adjuster approved by the carrier,” Mr. Levy said, adding that the inception of a policy requires a veterinary certificate of health that a horse has no ailments or illnesses.

Some owners self-insure either because of a lack of familiarity with equine coverage or because they are trying to keep costs down, said Spokane, Washington-based Josh Smart, North American practice leader for agribusiness and food and chief sales officer at Hub International Ltd.

“You’ve got feed costs, stable costs, veterinary costs, training costs, so insurance might just be the one thing they can live without,” Mr. Smart said.

Premiums vary based on the age, pedigree, health, use and value of a horse, but typical annual rates range from 3% to 4.5% of the value of a horse, sources say.

The deaths at Churchill Downs were tragic but “they haven't translated into any immediate impact on the equine insurance marketplace,” said Meghan Mackenzie Bell, Toronto-based senior manager of operations at Henry Equestrian, part of NFP Corp.

From the risk management and safety perspective, horse racing has been heading in “the right direction,” Ms. Mackenzie Bell said. “Fatality numbers go down every year, and racetrack owners and regulators are putting new protocols in place that have clearly worked,” she said.

The rate of fatal injuries to thoroughbreds during racing on all surfaces in the U.S. declined by 10.1% to 1.25 horses per 1,000 starts in 2022 from 1.39 the prior year, according to data compiled for the Equine Injury Database released in March by The Jockey Club in New York. It was the lowest number recorded since 2009 when tracking started and the figure stood at 2.00 horses per 1,000 starts.

These numbers don’t include incidents that occur during training or outside the racetrack, however, and several groups have compiled different fatality numbers that are higher, based on various news reports.

Niall McKibbin, London-based head of equine and livestock at Convex Group Ltd., said data and analytics are contributing to improvements in safety and risk management in horse racing, which informs underwriters.

Statistics suggest that racing on synthetic surfaces may result in fewer injuries, for example, he said. When information like this is presented, things will gather pace and insurers will react, he said.

When underwriters review data as part of a renewal and if they find an issue is affecting their portfolio, they will likely look to use rates to differentiate, Mr. McKibbin said.

Much of the business in the U.S. is written on an admitted basis, however, which can slow insurers’ ability to quickly move the dial on rates, he said.

There were 12 fatalities in racing on synthetic surfaces in the U.S. in 2022, compared with 45 on turf and 271 on dirt, according to the Equine Injury Database.

Investigations by the Kentucky Horse Racing Commission and the Horseracing Integrity and Safety Authority, a federal oversight body, had not identified any obvious or specific pattern connecting the deaths at Churchill Downs as of June 2.