California’s Workers’ Compensation Insurance Rating Bureau (WCIRB) Governing Committee approved the filing of a 10.6 percent increase in advisory pure premium rates March 26. The rates are to be effective on policies incepting on or after July 1, 2003.
The recommended increase was based on analysis of the newly available fourth quarter 2002 data. Much of the increase is due to worse-than-anticipated loss development on the 2001 and earlier accident years in the third and fourth quarters of 2002, as well as worse-than anticipated accident year 2002 medical losses.
The WCIRB anticipates submitting its rate filing with the California Department of Insurance early next week. It is expected that the Insurance Commissioner will hold a public hearing in May.
This rate filing will be available on the WCIRB website once it is filed. A WCIRB Bulletin containing a summary of year-end 2002 insurer experience will be available next month. Check the WCIRB Web site for further information.
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