FRANKFORT, Ky. — Many Kentucky employers are seeing another decrease in workers’ compensation costs as the most recent loss costs filing approved by the Kentucky Department of Insurance (DOI) took effect on January 1, 2024.
The loss costs filing develops employer rates for workers’ compensation coverage. Figures show an average reduction of 6.4 percent for the 586 industrial classes used in Kentucky.
This represents the 18th consecutive drop in loss costs and marks an expected continuation of declining workers’ compensation premium rates for employers.
Rates began to decrease substantially following the 2018 passage of House Bill 2, legislation sponsored by Rep. Adam Koenig, which made significant reforms to the workers’ compensation system for the first time in over twenty years.
The Kentucky Chamber led a coalition of nearly 50 businesses and private and public agencies and associations to advance the reforms.
To provide additional savings to employers in this area, the Kentucky Chamber has partnered exclusively with Clearpath Specialty since 2019 to offer all its members and participating affiliate local chambers a 10% association discount off their annual worker’s compensation premiums. With over 70 local chambers as partners, Clearpath Specialty has saved local businesses over $2 million in annual premiums. In 2024, member companies can save up to 16.4% based on the 10% savings and the 6.4% decrease.
For more information about the Clearpath Specialty local chamber program, visit https://www.kychamber.com/clearpath.
