Insurancejournal.com recently posted a boast by Kentucky Employers’ Insurance (KEMI), Kentucky’s “largest workers’ compensation insurer”, touting its 6% reduction in Kentucky workers’ compensation rates (See KEMI’s press release). The reduction is not particularly indicative of anything the company itself is doing, but based more broadly on the general decline of rates statewide, not to mention similar declines in other states.
Riskandinsurance.com reports that for the fourth consecutive year workers’ compensation rates in Kentucky have declined, a trend indicative of a continuing decline in the number and severity of workplace injuries in the state. Even West Virginia and Florida are announcing similar reductions.
The data relied upon by many insurers in determining workers’ compensation rates is provided by the National Council on Compensation Insurance (NCCI), the nation’s largest collector of workers’ compensation insurance data.