Workers’ Comp: Continued Profitability

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% … Read More »

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Public Comment On Proposed Rate Increase

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 … Read More »

WCIRB Makes Rate Hike Request Official

  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 … Read More »

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WCIRB Regulatory Filings

Last week, the California Department of Insurance held its required public hearing on the Workers’ Compensation Insurance Rating Bureau’s September 1, 2024, regulatory filing. It then took the matter under consideration. One construction industry representative urged the Department to give close attention to the dual-wage threshold increases proposed in the filing. The filing also includes … Read More »

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What Changes Might Improve Accuracy Of Rates and X-Mods

The New York Compensation Insurance Rating Board announced that it is rolling out a change to its operations next year that it says will improve the accuracy of the workers’ comp rates and the experience rating modification factors it generates. The National Council on Compensation Insurance says it too is proposing to make the same … Read More »

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WCIRB Regulatory Filing

The Workers’ Compensation Insurance Rating Bureau’s Governing Committee members voted unanimously to ask Insurance Commissioner Ricardo Lara to approve regulatory changes that would amend the 8874 companion classification for some electronic industry risks and implement higher thresholds for the construction industry’s dual-wage classifications, among other changes. The regulatory filing to become effective September 1st, 2024, … Read More »

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