The Kentucky Department of Insurance has announced that workers’ comp cost have gone down for the 10th consecutive year.
The 2015 filing was recently approved by the department and will go into effect Oct. 1. The filing was based on information submitted to the department by the National Council on Compensation Insurance (NCCI).
Commissioner Sharon P Clark said that over the past decade costs have gone down by an average of more than 50% in the state.
“This continues to be good news for Kentucky employers and workers,” Clark said. “We are pleased with the overall condition of the market.”
NCCI, which is the most established provider of workers’ compensation and employee injury data in the US, uses data collected from insurance carriers to develop its loss costs reports which include average compensation for lost wages, plus costs for medical benefit payments. Insurers use this information along with their own data to arrive at the next year’s rates.
In Kentucky, the average reduction from last year will be about 3.4%. Costs went up, however, by 6.9% for surface coal mining and by 10.9% for underground coal mining.
