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 …
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% …
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 …
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 …
The insurer-controlled Workers’ Compensation Insurance Rating Bureau is asking for a 0.9% increase in California workers’ comp advisory pure premium rates only one year after the Department denied a 0.3% increase. The request contrasts with an independent recommendation for a 3.3% decrease effective September 1, 2024. The Bureau is a private organization with quasi-governmental …
Last week, the California Department of Insurance held its required public hearing on the Workers’ Compensation Insurance Rating Bureau’s September 1, 2024, regulatory filing. It then took the matter under consideration. One construction industry representative urged the Department to give close attention to the dual-wage threshold increases proposed in the filing. The filing also includes …
The insurer-controlled governing committee of the Workers’ Compensation Insurance Rating Bureau just concluded its September 1, 2024, rate filing deliberations. It voted to file for a 0.9% increase in the …
The New York Compensation Insurance Rating Board announced that it is rolling out a change to its operations next year that it says will improve the accuracy of the workers’ comp rates and the experience rating modification factors it generates. The National Council on Compensation Insurance says it too is proposing to make the same …