The governing committee members’ of the Workers’ Compensation Insurance Rating Bureau will meet this morning to consider 2020 rates. The result will likely be a recommendation for a low- to mid-single-digit cut to the workers’ comp pure premium rates for 2020 policies. Driving the cut are more of the same trends that have seen rates …
The California workers’ comp rating bureau took a first look at the industry data that will underpin its 2020 pure premium rate filing, and the early indication is for a 7% cut from its 2019 filing. The ultimate filing, however, will be for less, perhaps much less, if it adopts new rate-making methodologies. The Bureau …
In what would have been a decrease, the insurance carrier members on the Workers’ Compensation Insurance Rating Bureau governing committee voted unanimously to reject a mid-year 2019 pure premium rate filing. The motion to file was made by the public members on the committee. The decision effectively forestalls any change in California’s approved workers’ comp …
California statutes call for an annual pure premium rate filing, but the norm over the past 16 years has been for employers to see two filings per year as the Workers’ Compensation Insurance Rating Bureau chased rates both up and more recently down. The multiple filings make California an outlier when compared to other states, …
The Bureau is opting not to make an amended rate filing for Jan. 1, 2019 California pure premium advisory rates. The agency reviewed the industry’s second-quarter data and, despite continued improvement, opted not to alter its recommendation for a 4.5% rate cut. Based on the industry’s June 30 experience the indicated rate could come down …
The insurer members to the Workers’ Compensation Insurance Rating Bureau approved a 2019 rate cut of 4.5% at a meeting a little while ago. The filing, which will be made official in the coming days, is the eighth straight request for a rate cut since the Baker workers’ comp reforms took hold. Overall, approved pure …
Calls to cut California’s workers’ comp advisory pure premium rates by 7.2% or even 12.3% effective July 1, 2017, are now under consideration. The mid-year rate cut would represent a cumulative decrease in the state’s advisory rates of 35% to 39% since the advisory rates crested on January 1, 2015 (see rate history chart below). …
Insurance Commissioner Dave Jones has less than 30 days to decide whether to lower California’s workers’ comp advisory pure premium rates 7.8%, 9.6%, go lower, or settle on a compromise somewhere in the middle as has been the norm. In either case, Jones promises a speedy turnaround that will have a significant rate cut on …