Insurance Commissioner Ricardo Lara rejected the insurance industry’s call for an average workers’ comp rate hike of 7.6% for rates as of September 1st, 2022. Instead, he ordered the Workers’ Compensation Insurance Rating Bureau to keep the average where it was. But the reality for many employers is quite the opposite. Literally, hundreds of class …
Below you will see a set of charts, by industry sector and class, showing which classes are going up or down. Agriculture Sector 11 Mining Sector 21 …
Workers’ comp premium plummeted in 2020 with the rapid shutdown of the economy in the wake of the Covid-19 pandemic and remained flat through 2021. Industry experts at the Workers’ Compensation Insurance Rating Bureau are predicting a sharp return to pre-pandemic levels, and the latest industry results are in line with projections. The Bureau is …
Written premium in California’s excess workers’ comp market grew by over 8% last year to $219 million, a more significant increase than the slight 3% boost the general workers’ comp market saw last year. Safety National Casualty Corp. (a unit of Tokio Marine Holdings’) continues to write well over half the excess coverage in California. …
The California Department of Insurance (CDI) has approved most of the Workers’ Compensation Insurance Rating Bureau’s September regulatory filing. The new rates are still pending. The Bureau says that this approval lowers the threshold for experience rating from $9,500 to $9,200 to reflect wage inflation and the new expected loss rates. Additional approvals include: There …
Insurance Commissioner Ricardo Lara heard the Workers’ Compensation Insurance Rating Bureau’s case for why California’s advisory pure premium rates should increase by 7.6%. He also listened to the countervailing argument of why rates should continue their historic drop for at least another rate filing cycle. In both his comments and questions, Commissioner Lara focused on …
Over the last several years Workers’ Comp Executive has not sided with the Workers’ Compensation Insurance Rating Bureau’s recommendations regarding California’s pure premium rates for workers’ compensation. Rather, WCE has …