A 2008 filing most insurance carriers will use to develop rates for workers’ compensation coverage shows the third straight decrease in loss costs, Kentucky Department of Insurance Commissioner Sharon Clark announced recently.The filing, approved by the state Department of Insurance and effective Oct. 1, is by the National Council on Compensation Insurance Inc. (NCCI).
“As businesses face tough economic times, this is a welcome piece of news,” said Clark. “Workers’ compensation insurance is a large cost of doing business. This also is good news for hardworking Kentuckians since the report shows a continuing decline in the number of workplace injuries and a slight decline in the severity of those claims.”
The loss cost figures show an average reduction of 5.1 percent for the 596 industrial classes used in Kentucky. These classes include manufacturing, office and clerical, contracting, and goods and services. For coal classes, underground mining costs dropped 10.5 percent while surface mining decreased 8.7 percent.
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