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CA Workers’ Compensation Rate Increases Continue with SCIF Increase

01 Jun, 2009 WorkersCompensation.com

                               
Sacramento, CA (CompNewsNetwork) - California's State Compensation Insurance Fund has filed for a 15 percent mid-year rate increase. The new rates will apply to new and renewed policies effective on or after July 1.

The State Compensation Insurance Fund is California's largest provider of workers comp coverage. State Fund's president and CEO, Jan Frank, stated that the 15 percent increase is due to rapidly increasing medical costs in the workers' comp sector. Those costs have jumped about 16 percent annually for the past three years, according to the most recent report by the Workers Compensation Insurance Rating Bureau (WCIRB).

Several workers' comp carriers have filed new rates without waiting for a decision from California Insurance Commissioner Steve Poizner. The increases are significantly lower than the 23.7% recommended by WCIRB.

Companies that have filed new rate increases include Zenith Insurance Co. (4%), two companies in the Berkshire Hathaway Group (10.3%), Amguard Insurance Company and Eastguard Insurance Company ( 5%) and Norguard Insurance Company ( 2.2%). Other carriers are expected to file this month in order to meet the 30 day deadline required before implementing new rates.

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