The insurer members to the Workers’ Compensation Insurance Rating Bureau approved a 2019 rate cut of 4.5% at a meeting a little while ago. The filing, which will be made official in the coming days, is the eighth straight request for a rate cut since the Baker workers’ comp reforms took hold. Overall, approved pure …
The California Department of Insurance is getting a lot of pressure to reject or at the least modify the Workers’ Compensation Insurance Rating Bureau’s proposal to carve up the 8868/9101 private schools classifications. The proposal would create seven new classes and result in 25% annual rate increases for many of the affected employers. In some …
Actuaries at the Workers’ Compensation Insurance Rating Bureau were still crunching the numbers as of deadline but are expected to present a proposal for a low- to mid-single-digit rate decrease for workers’ comp policies that incept or renew on or after Jan. 1, 2019 – 5% or less say insiders, but the final number is …
Insurance Commissioner Dave Jones will hold a hearing next week to review proposed regulations that would boost rates for nearly two dozen classes by 25%. The increases in most cases are due to changes the Workers’ Compensation Insurance Rating Bureau wants to make. Among the rate impacts are the creation of several new classes that …
Early expectations are that California’s workers’ comp premium will shrink this year after expanding steadily since the 2007 recession. The exposure base – payroll – continues to grow in the Trump economic expansion, but rate reductions are outpacing them leading to lower written premium. The value of the California workers’ comp market declined by 2% …
A handful of high wage, low-risk classifications could soon be facing a significant rate hike, but the increase is not because these historically safe industries are suddenly less so. Instead, the increase will come from a move by carriers on the classification committee of the Workers’ Compensation Insurance Rating Bureau to expand the use of …
The Workers’ Compensation Insurance Rating Bureau is looking to restructure the classifications covering private schools, including programs that provide services to the disabled and seniors, vocational schools, K-College schools, and their associated personnel. Currently, these disparate operations are grouped together in two classifications – 8868 covering the academic professionals and 9101 covering the non-academic staff. …
Calls to cut California’s workers’ comp advisory pure premium rates by 7.2% or even 12.3% effective July 1, 2017, are now under consideration. The mid-year rate cut would represent a cumulative decrease in the state’s advisory rates of 35% to 39% since the advisory rates crested on January 1, 2015 (see rate history chart below). …