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California May See 9th Consecutive Advisory Rate Cut

08 Aug, 2019 Nancy Grover

                               

Oakland, CA (WorkersCompensation.com) – Downward loss development, acceleration in claim settlements, sharply declining pharmaceutical costs and continued decline in the number of liens being filed are credited for a recommended workers’ compensation rate cut. The California Workers’ Compensation Insurance Rating Bureau’s governing committee voted yesterday to reduce the rate an average of 5.7 percent below what was approved in January.

The WCIRB expects to submit the Jan. 1, 2020 filing to the California Insurance Commissioner later this month, which would be followed by a public hearing. If adopted, it would represent a 44 percent decline in pure premium rates since 2015. Pure premium rates in California are advisory.

In addition to the positive trends, WCIRB Executive VP and Chief Actuary Dave Bellusci wanted that loss adjustment expenses are still high, and medical and indemnity averagel claim severities are starting to rise at historical norms.

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    About The Author

    • Nancy Grover

      Nancy Grover is a freelance writer having recently retired as the Director, Media Services for WorkersCompensation.com. She comes to our company with more than 35 years as a broadcast journalist and communications consultant. Grover’s specialties include insurance, workers’ compensation, financial services, substance abuse, healthcare and disability. For 12 years she served as the Program Chair of the National Workers’ Compensation and Disability Conference® & Expo. A journalism/speech graduate of Ohio Wesleyan University, Grover also holds an MBA from Palm Beach Atlantic University.

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