The State Compensation Insurance Fund says its net premiums shrank in the first quarter of 2016 by $24 million or about 6% when compared to the year-ago period, while losses were down even more at 11%. State Fund officials say the reduction in premium was tied primarily to a decline in new business coming to …
California Insurance Commissioner Dave Jones adopted the industry’s recommendation for a 5% cut in the state’s workers’ comp advisory pure premium rates for policies incepting or renewing on or after July 1, 2016. The mid-year cut is being driven mostly by continued improvement in medical loss costs. However, the public members of the Bureau’s Governing …
The Bureau is recommending a roughly 5% cut in the state’s overall advisory pure premium rates. Lower than expected medical inflation and better than expected claim frequency trends inform the rate decrease. Some actuaries remain concerned, however, that workers’ comp medical costs will rebound as they have after past reforms and quickly return to high single- …
The Commissioner’s approved 2% rate cut for Jan. 1, 2016 advisory pure premium rates more than doubled the industry’s proposed rate cut. Commissioner Jones did so by including the favorable impact of the most recent claims experience that the Bureau opted to ignore. California Department of Insurance actuaries sided with business and labor interests in …
The Workers’ Compensation Insurance Rating Bureau’s Governing Committee met this morning to consider amending its Jan. 1, 2016 pure premium rate filing, but opted against a change. Emerging data indicated that the projected loss ratio is down nearly a point from where it was when the Bureau made its filing last month, but insurance industry …
The Workers’ Compensation Insurance Rating Bureau’s Governing Committee is meeting this morning to consider amending its Jan. 1, 2016 pure premium rate filing, but a change is unlikely. Emerging data indicates that the projected loss ratio is down nearly a point from where it was when the Bureau made its filing last month, but insurance …
The proposed Jan. 1, 2016 workers’ comp pure premiums rates are filed and in spite of the overall indicated rate decrease many individual employers may see increases if carriers adopt the filed rates. The final package of proposed advisory rates include dozens of classifications that have employers facing double digit increases over the rates …
The insurer members of the Workers’ Compensation Insurance Rating Bureau voted down a proposal to cut workers’ comp rates. Members rejected a 6% cut and instead elected just to file for a 0.8% decrease effective Jan. 2016. The move follows a mid-year pure premium rate cut of 10.2%. The Bureau is a private non-governmental organization …