California’s workers’ compensation insurance carriers saw payments for medical benefits tick up 6.8% to $4.7 billion last year, while payments for indemnity benefits climbed 5% to $4.2 billion. Growth in …
The Department’s decision to cut the pure premium rate by 2.1% effective September 1, 2024, is based on actuarial findings that differ from those adopted by the Workers’ Compensation Insurance …
Insurance Commissioner Ricardo Lara rejected the insurance industry’s request for an increase in the workers’ comp advisory pure premium rates. Instead, he ordered a 2.1% rate cut. The Workers’ Compensation …
The California Department of Insurance took testimony from the Workers’ Compensation Insurance Rating Bureau about why it believes California’s advisory pure premium rates should increase by 0.9% and from the actuary representing employers and organized labor about why the rates should drop by an average of 3.5%. The hearing was not without controversy. “This annual …
Workers’ comp continues to produce “stunning” financial results that far outpace all other types of insurance in the property and casualty industry. The National Council on Compensation Insurance (NCCI) notes in its annual report that private workers’ comp carriers had a pretax operating gain of 23% last year. These same carriers have averaged a 13% …
Insurance Commissioner Ricardo Lara’s California Department of Insurance will hold a virtual public hearing next month to take public comment on the Workers’ Compensation Insurance Rating Bureau’s proposed 0.9% increase in the workers’ comp advisory pure premium rates. The hearing will include a presentation by the Bureau and Mark Priven, the actuary for the four …
The Workers’ Compensation Insurance Rating Bureau released details on the 2023 calendar year that show written workers’ comp premium is up 2% from the prior year to $15.9 billion. The total now matches pre-pandemic levels, as higher wages are reflected in the total. The Bureau is a private organization with quasi-governmental responsibility. It is financially …
The insurer-controlled Workers’ Compensation Insurance Rating Bureau is asking for a 0.9% increase in California workers’ comp advisory pure premium rates only one year after the Department denied a 0.3% increase. The request contrasts with an independent recommendation for a 3.3% decrease effective September 1, 2024. The Bureau is a private organization with quasi-governmental …