Many Kentucky employers can expect another decrease in workers’ compensation costs next year. The Kentucky Department of Insurance (DOI) has announced the approval of the 2022 loss costs filing, which will be used to develop employer rates for workers’ compensation coverage in 2023.
The news Thursday represents the seventeenth 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 along with private and public agencies and associations to advance for the reforms.
The approved rate filing will be effective January 1, 2023.