Commissioner Approves 6.25% Loss Cost Reduction

Pennsylvania acting Insurance Commissioner Michael Humphreys on Friday approved a 6.25% reduction in workers’ compensation loss costs. Loss costs are a component in determining work comp rates, and the reduction should lead to lower premiums for many Pennsylvania businesses, Humphreys said in a statement. "This year's loss cost decrease will help to further Pennsylvania businesses' recovery in the wake of the COVID-19 pandemic, allowing for more spending on other priorities," he said. Premium savings for an individual employer will vary based on its risk classifi...