Actuaries for the Workers’ Compensation Insurance Rating Bureau and its carrier members completed their review of the industry’s most recent experience. The upcoming rate filing reflects that the data show …
Workers’ comp medical costs showed a sharp uptick in 2024, and the news is worrisome for the industry. Payments for all medical services increased by 12% per claim, but several cost categories were growing much faster than others. Actuaries for workers’ comp insurers and the Workers’ Compensation Insurance Rating Bureau discussed the latest trends as …
The Workers’ Compensation Insurance Rating Bureau officially asked Insurance Commissioner Ricardo Lara to approve changes to the classification system to create a new wholesale baked goods class, eliminate manufacturing classes for sugar, cottonseed oil, and butter substitutes, and move these employers to new classes. The proposal also includes changes for coffee bean roasting, vape juice …
The California Department of Insurance, Administrative Hearing Bureau, is being asked to determine whether $96.7 million in “change in control” payments to certain employees of a veterinary clinic chain should be included in payroll for workers’ comp premium calculations. The workers’ comp carrier included the one-time payments in its payroll audit and is seeking nearly …
Wage inflation in California has the Workers’ Compensation Insurance Rating Bureau looking to update the payroll limits that apply to executive officers and nearly two dozen classes with high wages and low losses. WCIRB staff is recommending an increase of the minimum from $159,900 to $165,100 per year ($3,175 per week). The Bureau is a …
What changes does the Workers’ Compensation Insurance Rating Bureau have in store for employers in the food and beverage manufacturing industry? How will these changes affect the rates the covered employers pay? In one case the difference in loss to payroll ratio is nearly 80%. Next week, the Workers’ Compensation Insurance Rating Bureau’s Classification and …
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 …