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Proposed Rate Decrease Headed to Insurance Commissioner

21 Aug, 2019 Nancy Grover

                               

Oakland, CA (WorkersCompensation.com) – As expected, a proposed decrease in advisory pure premium rates is on its way to the California Department of Insurance. The Workers’ Compensation Insurance Rating Bureau gave the official OK to reduce the advisory rates an average 5.4 percent. If approved, the rates would take effect in January.

“The proposed average decrease in advisory pure premium rates reflects continued downward loss development, acceleration in claim settlements, sharply declining pharmaceutical costs and a further decline in the number of liens being filed,” the WCIRB said in a statement. “In the filing, the WCIRB also noted that factors such as increases in cumulative trauma claims, rising claim severities and continued high levels of allocated loss adjustment expenses are moderating the pure premium rate declines and warrant continued monitoring.”

A public hearing will be scheduled by the CDI.

 

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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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