Insurance Department Approves 6.4% Loss Cost Reduction

The Kentucky Department of Insurance on Monday announced that it approved an 18th consecutive overall decrease in loss costs. The department approved the filing from the National Council on Compensation Insurance advising an average reduction of 6.4% in loss costs for the 586 industrial classes used in the state. Loss cost is the amount of money a carrier must pay to cover claims and is part of the factor in calculating premiums. The department said COVID-19 claims were not included in the data used for the new loss costs, but the impact of tornadoes that hit the state in December 2021 was ...