The insurer member majority on the Workers’ Compensation Insurance Rating Bureau’s Governing Committee voted to ask Insurance Commissioner Ricardo Lara for a whopping 11.2% overall rate increase effective with policies incepting September 1, 2025.
If approved, the rate hike would be the first in a decade, bringing the advisory premium rates back to their pre-pandemic levels.
The Bureau is a private organization with quasi-governmental responsibility. It is financially supported exclusively by insurance carriers in whose interests it operates.
The insurer members of the Governing Committee voted in solidarity to reject a motion for a lower 8% increase recommended by the actuary hired by the public members who represent employers and organized labor.
The committee passed a motion to file based on the Bureau’s recommended methodologies, which produced an 11.2% increase. The measure passed with all of the insurer members voting for it and all of the public members in opposition.
Workers’ Comp Executive’s next premium edition will cover the numbers driving the increase and the debate over the filing in full.
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