Insurance Department Announces 8.4% Loss Cost Reduction

The Kentucky Department of Insurance approved an 8.4% average loss cost reduction for policies incepting in 2025. The department said this is the 19th consecutive rate decrease. Kentucky Insurance Commissioner Sharon P. Clark said in a statement that lower claim frequency continues to hold down costs. Loss costs are what an insurance company must pay to cover claims and are an important factor in setting premiums. The new loss cost rates take effect Jan. 1, 2025. “This is good news for Kentucky workers, who are safer than ever with strong healthy-at-work safety initiatives and progra...