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 …
It is time for Workers’ Comp Executive to provide a list of the most significant California workers’ compensation stories from the previous year. Some years, legislative developments like the 2012 passage of the Baker SB 863 workers’ comp reforms dominate the news. Other years’ market issues such as rising workers’ comp rates or insurance company …
The latest industry data on California’s workers’ compensation system shows that written premium for the first quarter of the year is down 13% from the year-ago period. The results, however, are not necessarily apples-to-apples as the pandemic had not yet hit the California economy last year, and this year the economy had not yet reopened. …
Insurance Commissioner Ricardo Lara approved workers’ comp advisory pure premium rates for September 1st that, on average, are 3.4% lower than the rates he approved for January 1, 2021. But while the rates for the vast majority of classes are going down, there are dozens of classes seeing rates increase starting with new or renewal …
Insurance Commissioner Ricardo Lara approved September 1, 2021, pure premium advisory rates that essentially split the difference between the insurance industry’s request for a 2.7% rate increase and an independent actuary’s recommendation for an 8.2% decrease. The final recommendation for a 3.4% decrease was not the only place where the California Department of Insurance divided …