Kentucky employers to see another decline

Most employers in Kentucky will likely see their workers' comp rates drop in October. The approved 7.5 percent decrease represents the sixth straight reduction in loss costs.

The National Council on Compensation Insurance proposed the lower rates, citing an improvement in indemnity costs as part of the reason. However, there is also evidence of frequency stabilization after years of declining claims.

Insurance regulators recommended the loss cost rate decreases for all employer groups except two coal classifications. Underground mining costs increased by 1.8 percent while surface mining rose by 1.1 percent.

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Officials said the information is voluntary, "but most workers' comp carriers use the NCCI loss cost values as a base to which the insurer's own loss adjustment and overhead expenses are added to arrive at the rates charged to Kentucky employers."

The decrease brings the amount Kentucky's loss cost rates have dropped in the last six years to 40 percent.

Read more at the WorkersComp Forum homepage.

September 27, 2011

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