Doctors Offices & The Borello Test
This content is only available to premium subscribers. Please login here log in
Tagged in: WCIRB
Report to the Legislature: WCIRB Skews Statistics
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 …
Workers’ Comp Rate Cut Details
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 Rating Bureau to support its request for a 0.9% rate hike. Most notable are CDI’s differences with the Bureau regarding how much carriers will spend …
This content is only available to premium subscribers. Please login here log in
Commissioner Rejects Call For Workers’ Comp Rate Hike
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 …
Rate Hearing Controversy
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 …
This content is only available to premium subscribers. Please login here log in
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% …
This content is only available to premium subscribers. Please login here log in
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 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 …
This content is only available to premium subscribers. Please login here log in
Workers’ Comp Premium And Rates Moving In Opposite Directions
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 …
This content is only available to premium subscribers. Please login here log in