Insurance Bureau Cuts Loss Costs by 19%

The Maine Bureau of Insurance approved a 19% average loss cost decrease for policies incepting on or after April 1. “If all insurers fully adopt the decrease, Maine businesses could save an estimated $55 million in the year following implementation,” the bureau said in a statement. The 19% decrease is the average loss cost change. The bureau said decreases range from 17.1% to 20.1% depending on the industry group. Loss costs are based on previous and projected losses and benefit payments, the bureau said. Carriers can use the adopted loss costs or set their own rate levels, sub...