Department of Insurance Signs Off on 4.6% Decrease in Loss Costs

The Kentucky Department of Insurance on Tuesday said it has approved the recommended 4.6% rate decrease in overall loss costs in the voluntary market. The decrease, recommended by the National Council on Compensation Insurance, is retroactively effective to Oct. 1. It’s the 12th straight annual decrease, and results in a cumulative cost savings of nearly 60%, the agency said. NCCI’s rate filing cited a 6% decrease in experience during policy years 2014 and 2015. The ratings firm said 81% of Kentucky’s claims were medical only, 14% were for temporary total disability and 5...