Will PA Workers’ Comp Rates Drop Again?
Workers’ compensation rates soon could drop – again. The Pennsylvania Compensation Rating Bureau (PCRB) recently submitted its April 1, 2019 loss cost filing for an overall average change of -9.8%. The continued decrease in frequency offsets the gradual rise in severity, both for indemnity and medical costs. The filing is now under the Pennsylvania Insurance Department’s review.
As we covered previously in Agent Headlines, two interim filings – one to account for a reporting error and another to address a legislative fix to a Pennsylvania Supreme Court decision – took effect on Jan. 1, 2019. Cumulatively, their impact was an overall average change of -14.74 percent compared to the April 1, 2018 loss costs.