A real estate management company maintains that the manner in which a $70,000 workers’ compensation claim settlement was reported to the Workers’ Compensation Insurance Rating Bureau caused its X-Mod to increase precipitously. In 2022, X-mod was 85, and it increased to 376 in 2023, then was revised down to 357 for the same period. Other …
The Workers’ Compensation Insurance Rating Bureau’s actuarial committee members gave their support for a change to the Bureau’s ratemaking process that should keep workers’ comp rates for smaller classifications from swinging widely from one year to the next. The Bureau already has a policy that limits changes from increasing or decreasing rates by more than …
One of the dangers in buying insurance online rather than through an agent or broker can be the lack of advice following professional questions. This story could be the result of one of those situations. The California Department of Insurance’s Administrative Hearing Bureau is being called to adjudicate a premium dispute between an assisted living …
The Workers’ Compensation Insurance Rating Bureau’s Classification and Rating Committee approved a plan that could have employers with payroll assigned to classification 2102 covering fruit and vegetable dehydrating operations being combined with employers that perform preserving and pickling operations. The move, if approved by Insurance Commissioner Ricardo Lara, would take effect September 1, 2026. The …
The Workers’ Compensation Insurance Rating Bureau says the workers’ comp data underlying classifications covering employers performing surface mining (1122) and ore milling (1452) have low credibility for ratemaking purposes due to the relatively few risks covered and the limited payroll in each classification. But after studying whether combining the operations into a single classification or …
California workers’ comp carrier’s written premium was down some 4% for the first quarter of 2025 compared to last year. At the same time, carriers’ average charged rates were up 1% — the first increase in average charged rates in over a decade (see charts). The findings are from the Workers’ Compensation Insurance Rating Bureau’s …
California’s workers’ compensation industry reported an underwriting loss of $1.3 billion in 2024, as written premium dipped slightly to $15.5 billion, while losses and expenses increased. The 8.4% underwriting loss was the first by the industry since 2014. The totals compare to a 2023 pretax underwriting profit of $1.3 billion, which accounted for 8.5% of …
Insurance Commissioner Ricardo Lara approved an 8.7% overall increase in California’s workers’ compensation advisory pure premium rates, effective September 1st, 2025 – the first rate hike in California since 2015. The increase, though, is only an average. Brokers should begin preparing clients for potentially disruptive rate increases in these classes upon their next renewal. Over …