Pennsylvania approves 3% loss cost reduction in comp

Pennsylvania Insurance Commissioner Jessica Altman approved a 3.02% reduction in workers compensation loss costs in the state, her office announced in a statement Thursday.

The loss cost revision, which was filed by the Pennsylvania Compensation Rating Bureau, will reduce premiums for businesses in the state, and “frees up money to spend on other priorities, which is vital as Pennsylvania recovers in the wake of the COVID-19 pandemic,” Ms. Altman said in the statement.

In 2020, the insurance department aided companies impacted by the pandemic by allowing them to exclude payroll for workers who were not actually working from their premium determination.

More insurance and workers compensation news on the coronavirus crisis here.