Voluntary Base and Assigned Risk Rates Drop for Second Straight Year

The Kansas Insurance Department has approved an 8.4% decrease in the voluntary base rate, and a 7.8% decrease for assigned risk rates, effective Jan. 1. The department attributed the decrease in the voluntary market to fewer claims, and lower medical and indemnity costs. Over the past two years, the voluntary base rate has dropped 20% and the assigned risk rate 18%, Insurance Commissioner Ken Selzer said in a press release. “This rate decrease means that many Kansas companies will have more money to grow their businesses,” Selzer said. “This happens because they will ...