The Workers’ Compensation Insurance Rating Bureau is considering changing up the process for making its annual workers’ comp rate filing and updating the experience rating plan used to establish X-Mods for employers. The Bureau is considering returning to its former practice of making its annual rate filing in July every year instead of its current …
Employers with one or more claims in their experience better get ready for sticker shock when they get their 2013 workers’ comp policy renewal quotes. Not only are rates on the increase, the Workers’ Compensation Insurance Rating Bureau (WCIRB or Bureau) is increasing the charges in its credibility tables for the experience rating system and …
In our flash report yesterday about the Bureau’s proposed mid-year rate increase, of 9.1%, we included the fact that California Insurance Commissioner Dave Jones approved a 37% average rate increase for last January – 2012. The California Department of Insurance in the person of Byron Tucker, Deputy Commissioner of Communications and Press Relations contacted us angrily demanding …
Through the first quarter of the year, California’s workers’ comp carriers have raised the average rate they charge the state’s employers by 3% as they gained ground on the system’s underlying costs. The Workers’ Compensation Insurance Rating Bureau (WCIRB) estimates that the industry’s loss ratio through the period is 71% — a two-point decline from …
Unfazed by last month’s rejection of its recommendation to increase the workers’ comp claims cost benchmark, the Workers’ Compensation Insurance Rating Bureau is going to come back with a recommendation for a 22.8% boost for policies incepting or renewing on or after January 1, 2010 — a difference of just a point from its mid-year …
Citing revised data from Zurich, the Workers’ Compensation Insurance Rating Bureau has lowered its pure premium rate recommendation to a 23.7% increase, down from 24.4. The change came after a data call in which Zurich US Group submitted revised aggregate financial data that pushed the curve for the claims cost benchmark. The lower filing won’t …
The Workers’ Compensation Insurance Rating Bureau (WCIRB) hauled two carriers in front of its classification and ratings committee recently to answer for ongoing problems with their data reporting processes and procedures. And it’s not the first time either carrier had been informed of the deficiencies, hence the stepped-up enforcement action involving an in-person meeting and …
There is widespread confusion and inadequacy of an employer’s timekeeping records for workers’ comp purposes for employees in the dual-wage construction and erection classifications. These issues lead to misreporting and therefore inaccurate rate development. They are also one of the staple methodologies of employer premium fraud. Both the California Department of Insurance and the Workers’ …