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WCIRB To File 29.6% Pure Premium Rate Increase

12 Aug, 2010 WorkersCompensation.com

                               

Sacramento, CA - Earlier today, the WCIRB Governing Committee directed the WCIRB to submit a filing to the California Department of Insurance (CDI) recommending among other things an approximate 29.6% increase in pure premium rates (or "claims cost benchmark") effective January 1, 2011. The Governing Committee made its decision based on a recommendation made by the WCIRB Actuarial Committee at its August 4, 2010 meeting.

Pure premium rates reflect the loss (both medical and indemnity) and loss adjustment expense expected to occur on policies with effective dates on or after January 1, 2011. Pure premium rates are a benchmark that insurers may use as a tool for determining their own rates. Pure premium rates have not been increased since January 1, 2009, and this is the third increase in excess of 20% filed by the WCIRB since then. If the full 29.6% increase is approved by the Insurance Commissioner, the January 1, 2011 pure premium rates will still be, on average, 53% lower than the approved pure premium rates in effect January 1, 2004.

The WCIRB expects to submit its pure premium rate filing to the CDI on or around August 17, 2010.

Source: WCIRB 

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