Insurance Department Approves 10.4% Loss Cost Reduction

The Kentucky Department of Insurance announced the approval of the 2021 rate filing used to develop rates for workers’ compensation coverage. For the 16th consecutive year, the filing shows an overall decrease in Kentucky’s loss costs, an average compensation for lost wages based on the level of disability plus medical benefit payments. According to the loss cost figures submitted in the 2021 annual rate filing, there is an average reduction of 10.4% across the class codes used in Kentucky. On average, the department has approved a 19% decrease in loss costs over the pa...