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New Approach To Pure Premium Rates, ELRs Coming

The Workers’ Compensation Insurance Rating Bureau’s Classification and Rating Committee received a briefing on the Bureau’s plans to develop advisory pure premium rates and expected loss rates (ELRs) extending to three decimal places. The change is under consideration to make it easier to adjust rates for low-hazard, low-rate classifications without running afoul of the 25% … Read More »

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Doctors Offices & The Borello Test

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Report to the Legislature: WCIRB Skews Statistics

California’s workers’ compensation insurance carriers saw payments for medical benefits tick up 6.8% to $4.7 billion last year, while payments for indemnity benefits climbed 5% to $4.2 billion. Growth in … Read More »

Workers’ Comp Rate Cut Details

The Department’s decision to cut the pure premium rate by 2.1% effective September 1, 2024, is based on actuarial findings that differ from those adopted by the Workers’ Compensation Insurance Rating Bureau to support its request for a 0.9% rate hike. Most notable are CDI’s differences with the Bureau regarding how much carriers will spend … Read More »

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Commissioner Rejects Call For Workers’ Comp Rate Hike

Insurance Commissioner Ricardo Lara rejected the insurance industry’s request for an increase in the workers’ comp advisory pure premium rates. Instead, he ordered a 2.1% rate cut. The Workers’ Compensation … Read More »

Rate Hearing Controversy

The California Department of Insurance took testimony from the Workers’ Compensation Insurance Rating Bureau about why it believes California’s advisory pure premium rates should increase by 0.9% and from the actuary representing employers and organized labor about why the rates should drop by an average of 3.5%. The hearing was not without controversy. “This annual … Read More »

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Workers’ Comp: Continued Profitability

Workers’ comp continues to produce “stunning” financial results that far outpace all other types of insurance in the property and casualty industry. The National Council on Compensation Insurance (NCCI) notes in its annual report that private workers’ comp carriers had a pretax operating gain of 23% last year. These same carriers have averaged a 13% … Read More »

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Public Comment On Proposed Rate Increase

Insurance Commissioner Ricardo Lara’s California Department of Insurance will hold a virtual public hearing next month to take public comment on the Workers’ Compensation Insurance Rating Bureau’s proposed 0.9% increase in the workers’ comp advisory pure premium rates. The hearing will include a presentation by the Bureau and Mark Priven, the actuary for the four … Read More »

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