Carriers closed 2008 with a flurry of filings to amend their pure premium rates. The bulk of those filings landed in the ballpark of the 5% increase recommended by Insurance Commissioner Steve Poizner, but more than a few outliers were significantly above and below that set point. So what has 2009 brought us so far? …
Unlike the companies that were quick to file their 2009 proposed pure premium rates, the rate filings submitted in the latter half of November showed significant volatility. The filings ranged far beyond the 5% to 16% increases suggested by Insurance Commissioner Steve Poizner and the Workers’ Compensation Insurance Rating Bureau, respectively. Then they largely fell …
California Insurance Commissioner Steve Poizner last month went against his actuaries and those of the Workers’ Compensation Insurance Rating Bureau when he ordered the recommended pure premium rate be set at 5% instead of the 9.4% or 16% that the actuaries recommended. But in the most recent rate filings, many carriers come down on the …
Now in the final quarter of the year, Insurance Commissioner Steve Poizner is expected to take a position on the Workers’ Compensation Insurance Rating Bureau’s recommendation that he raise the pure premium advisory rate 16% for policies incepting or renewing as of January 1, 2009. And thought it’s expected that his recommendation will come in …
Before an SRO crowd, the Workers’ Compensation Insurance Rating Bureau defended its recommendation to raise California’s pure premium rate by some 16% next year. Insurance Commissioner Steve Poizner and the California Department of Insurance listened as the Bureau argued that rapidly rising medical inflation makes the increase — the first since workers’ comp reform was …
SAN FRANCISCO— There will be no mid-year rate adjustments. The Actuarial Committee of the Workers’ Compensation Insurance Ratings Bureau at its meeting yesterday recommended against any changes. The recommendation could still be overruled by the Bureau’s Governing Committee, but word on the street is that they won’t. “It appears by the loss experience that the …
Workers’ comp carriers in California still have plenty of wiggle room to cut operating expenses, according to Department of Insurance actuaries. This, they say, could be a likely reason that loss adjustment costs (LAEs) industry-wide have failed to wane commensurately with system costs. And perhaps due to the rapid decline in premium volume at State …
Although the California Workers’ Compensation Insurance Rating Bureau filing of a new pure premium rate filing is notable because it’s the first increase in four years, one of the largest concerns noted in the filing is the increase in loss adjustment expenses. The Bureau also was able once again to include data from American International …