The Workers’ Compensation Insurance Rating Bureau says that through the first six months of the year, written premium is down 2% to roughly $8.3 billion compared to $8.5 billion at the same point in 2023. Charged rates, however, are up a similar amount. The Bureau is a private organization with quasi-governmental responsibility. It is financially …
The numbers are in for the classification reassignments following the split of the 9079 Restaurants and Taverns classification into six new, more homogeneous workers’ comp classes, according to the Workers’ Compensation Insurance Rating Bureau. Bureau staff told its Governing Committee that tens of thousands of risks, including nearly 17,000 experience-rated employers, had the 9079 classifications …
At last week’s meeting, the Workers’ Compensation Insurance Rating Bureau actuarial committee reviewed the industry’s mid-year experience. It is beginning work on the next round of workers’ comp pure premium advisory rates. The results through June 30th show a projected loss ratio that was 2.6 points higher than the loss ratio that underlies the rates …
The Workers’ Compensation Insurance Rating Bureau intends to eliminate some smaller classes that no longer have enough credibility for rate making. The idea is to roll two classes covering sugar refining and cottonseed oil production into one larger cooking oils manufacturing classification and to combine risks that manufacture butter substitutes with those that make the …
The Workers’ Compensation Insurance Rating Bureau’s Classification and Rating Committee received a briefing on the Bureau’s plans to develop advisory pure premium rates and expected loss rates (ELRs) extending to three decimal places. The change is under consideration to make it easier to adjust rates for low-hazard, low-rate classifications without running afoul of the 25% …
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 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 …