Employers to See Massive Rate Drop After Corrective Filings, New Loss Cost Decrease

Pennsylvania employers this year will see as much as $750 million in rebates and rate cuts, partly due to an error that was corrected, partly the result of action by the legislature and partly because of a nationwide trend toward fewer claims. As of this week, some 70 insurers have made corrective filings to provide relief to thousands of employers that were overcharged on premiums after a 2017 error by the Pennsylvania Compensation Rating Bureau. The filings amount to roughly a 10% reduction in premiums, and some will be in the form of refund checks issued to policyholders. Th...