Pennsylvania Workers Compensation loss cost rate decrease

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Pennsylvania Workers Compensation loss cost rate decrease

The Pennsylvania Compensation Rating Bureau (PCRB) said the Pennsylvania Insurance Department has approved PCRB’s filing which calls for an overall average workers’ compensation loss cost decrease of 0.90% from existing loss costs.  This is not a universal reduction but rather based on class codes.  Some rates may remain constant.

Pennsylvania Insurance Commissioner Teresa Miller approved PCRB’s loss cost filing (No. C-366) on February. 4th. PCRB submitted its filing to the Pennsylvania Insurance Department on Dec. 8, 2015.

PCRB has released on its website a complete table of approved loss costs and expected loss factors. Manual revisions reflecting approval of the PCRB filing with respect to rating values effective April 1 will be updated on PCRB’s website.

Contact your KMRD Partners Customer Service Representative to determine how The Pennsylvania Compensation Rating Bureau calculates the premiums businesses pay for workers’ compensation insurance, and to discuss ways your company can potentially reduce its rate.

For more information on Workers Compensation Solutions, click here.

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