Pennsylvania approves 8.67% reduction in comp loss costs

Pennsylvania Insurance Commissioner Michael Humphreys approved an 8.67% average reduction in workers compensation loss costs for policies on or after April 1.

Loss costs are a component in determining work comp rates, and the reduction should lead to lower premiums for many Pennsylvania businesses, Mr. Humphreys said in a statement.

Premium savings for an individual employer will vary based on its risk classification, claims experience and other factors.

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