Insurance Commissioner Approves 3.02% Loss-Cost Reduction

The Pennsylvania Insurance Department announced that Insurance Commissioner Jessica Altman approved an average 3.02% reduction in loss costs. The department announced that Altman approved the reduction on Thursday, the same day the rates recommended by the Pennsylvania Compensation Rating Bureau went into effect. "This decrease continues several years of loss-cost reductions, further helping businesses in our state be more competitive, and frees up money to spend on other priorities, which is vital as Pennsylvania recovers in the wake of the COVID-19 pandemic," Altman said in a...