The Kentucky Department of Insurance has approved another workers’ compensation loss cost decrease for employers in the state.
The DOI announced this week that officials have ratified a 10.4% average reduction, effective Oct. 1. It’s the 16th straight year for an overall decrease in the state and follows an average cut of about 9% that was approved last year, the department said in a bulletin.
“The decrease shows the continuing decline in the lost-time claim frequency and flat trend of the indemnity severity rate,” said DOI Commissioner Sharon Clark.
