Today’s issue of WorkCompRecap features a couple of states’ announcements of loss cost decreases. First up is Oklahoma, where NCCI filed an overall loss cost decrease of 14.8%, making this the third straight year rates have decreased. Insurance Commissioner Doak noted that recent reforms in the state have led to the improvements, and NCCI noted in its filing that declines in market experience and market trend were also factors alongside the reforms. Find out more by clicking here!
Also in the news today is Kentucky’s announcement that this year’s NCCI filing marks the 10th consecutive year for overall loss cost decreases in the state. Commissioner Clark noted that the streak of decreases have lowered loss costs 52.1% on average. The filing’s figures show an average reduction of 3.4% for the 585 industrial classes used in the state. Coal classes were the exception however, with surface mining up 6.9% and underground mining up 10.9%.
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