Commissioner Approves 8.67% Reduction in Loss Costs

Pennsylvania Insurance Commissioner Michael Humphreys approved an 8.67% average reduction in workers' compensation loss costs for policies incepting on or after April 1. 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 ensures Pennsylvania businesses have the tools they need to provide the necessary coverage workers rely on in the event of a work-related accident, and it also reassures hard-working Pennsylvanians that they’re protected when the unex...