WCIRB Recommends 16% Rate Increase for January ‘09

With medical inflation on the rise and a full year with no change in California workers’ compensation pure premium rate, the Workers’ Compensation Insurance Rating Bureau of California is recommending a 16% overall average increase to pure premium rates. It is for new and renewing policies as of Jan. 1, 2009.  The recommendation could actually increase later in the fall – to as much as a 20% overall increase.  This depends upon changes to the permanent disability rating schedule under consideration by the Division of Workers’ Compensation. Read more

State Fund Files a 3.5 Percent Premium Decrease

Filing marks a 57 percent cumulative rate decrease since 2004

SAN FRANCISCO – State Compensation Insurance Fund today announced it filed a July 1, 2008 revision to its rating plan, which it anticipates will result in a 3.5% reduction in collectible premium. While base rates will remain unchanged, State Fund has expanded its merit rating and claims-free discount plans to lower rates for policies with superior safety records. The new rate filing will affect new and renewal workers’ compensation policies with an effective date on or after July 1, 2008. Read more