The Kentucky Department of Insurance (DI) recently approved the annual workers’ compensation rate, which will take effect on October 1.
Most carriers are expected to peg their rates on the annual filing, which marks an 11th
consecutive decrease in loss costs, DI commissioner Brian Maynard explained. He further noted that the decreases have lowered cost by 55%, on the average.
Loss cost figures show that rates decreased by a 5% average across the 582 industrial classes used in Kentucky. Classes include manufacturing, office and clerical, contracting, and goods and services, among others.
However, coal classes saw a 21% loss cost increase in surface mining, and a 25% uptick in underground mining Maynard emphasized that increases in the coal class were expected largely due to changes in federal requirements relating to benefits paid to workers suffering from specifically from black lung disease and other occupation-related disorders.