Insurance Dept. Approves 5.99% Reduction in Loss Costs

Pennsylvania workers' compensation rates will drop 5.99% on April 1, saving employers a projected $140 million in the coming year, Gov. Tom Wolf's office announced Friday. Wolf said the Insurance Department approved the Pennsylvania Compensation Rating Bureau's annual loss-cost filing, which calls for the rate decrease. The reduction marks the fourth consecutive cut in workers' compensation rates in Pennsylvania in the past four years, the governor's office said. Employers paid $550 million less during that period than they would have if rates had remained the same. PCRB...