Despite a 22.8% recommendation from the Workers’ Compensation Insurance Rating Bureau of California there will be no official pure premium rate increase. Insurance Commissioner Steve Poizner moments ago announced that he was – for the second time – rejecting WCIRB’s recommendations regarding the workers’ compensation claims cost benchmark (AKA the pure premium rate). The rate …
Unfazed by last month’s rejection of its recommendation to increase the workers’ comp claims cost benchmark, the Workers’ Compensation Insurance Rating Bureau is going to come back with a recommendation for a 22.8% boost for policies incepting or renewing on or after January 1, 2010 — a difference of just a point from its mid-year …
Unwise. Unrealistic. Unsustainable. Those are a few of the early reactions to Insurance Commissioner Steve Poizner’s decision to deny in its entirety the Workers’ Compensation Insurance Rating Bureau’s filing for a 23.7% hike in the workers’ comp claims cost benchmark AKA the pure premium rate. Actuaries at the California Department of Insurance discounted the Bureau’s …
Calling on the Bureau to eliminate the nearly 6% increase in its current rate filing attributable to the recent en banc decisions by the Workers’ Compensation Appeals Board in Almaraz, Guzman and Ogilvie impacting permanent disability ratings until the judicial process has run its course, Insurance California Commissioner Steve Poizner is heeding the call of …
Citing revised data from Zurich, the Workers’ Compensation Insurance Rating Bureau has lowered its pure premium rate recommendation to a 23.7% increase, down from 24.4. The change came after a data call in which Zurich US Group submitted revised aggregate financial data that pushed the curve for the claims cost benchmark. The lower filing won’t …
The Workers’ Compensation Insurance Rating Bureau’s actuarial committee met yesterday. It appears likely that the Governing committee will recommend a whopping 27% mid-term pure premium rate increase when it meets on Wednesday. Bureau’s staff is continuing to crunch some of the numbers, but that’s the recommendation from the actuarial committee to the Governing Committee. …
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 …