Rates News

Pinnacol in Colorado to Drop Workers’ Comp Rates in 2017

Pinnacol Assurance’s board of directors has approved a 2017 decrease in workers’ compensation rates that will average 3.2 percent for the insurer’s Colorado policyholders. The decrease surpasses the Colorado Division of Insurance’s recommendation of a 2.4 percent change, and will …

California Commissioner Wants Workers’ Comp Insurers to Reduce Rates

California Insurance Commissioner Dave Jones issued a formal finding today that costs to insurers in the workers’ compensation system are declining and he’s asking workers’ comp insurers to pass those cost savings on to employers in the form of lower …

California Administrative Law Judge Orders State Farm to Refund $85M

An administrative law judge at the California Department of Insurance found that State Farm overcharged customers $85 million and ordered the carrier to issue refunds and reduce rates. The judge determined that since July 15, 2015, State Farm’s premiums for …

It’s a Tough Time for Reinsurers, but Their Defensive Strategies Are Working: S&P

It’s a tough time for reinsurers — “pricing is soft, regulators continue to raise the bar, capital is at record highs, competition is increasing, and reinsurers are constantly looking for ways to remain relevant to cedants’ changing demands for protection,” …

California WCIRB Proposes Premium 7.8% Below 2015 Average

The Workers’ Compensation Insurance Rating Bureau has submitted its Jan. 1, 2016 pure premium rate filing to the California Department of Insurance proposing advisory pure premium rates that average $2.45 per $100 of payroll. That WCIRB figure is 7.8 percent …

Report: California Workers’ Comp Premiums Growing at Double-Digit Rates

Workers’ compensation premiums in California continue to grow at double-digit rates, according to the Workers’ Compensation Insurance Rating Bureau. The WCIRB recently released its “State of the California Worker’s Compensation Report,” and authors of the report on Wednesday highlighted developing …

WCIRB Submits Lower Mid-year Filing to California Department of Insurance

The California Workers’ Compensation Insurance Rating Bureau on Monday submitted a July 1 pure premium rate filing to the California Department of Insurance proposing advisory rates that average $2.46 per $100 of payroll. The move follows a recommendation by the …

Texas to Hold Hearings on Workers’ Comp Rates and Relativities

The Texas Department of Insurance has scheduled public hearings to review rates charged by insurers for workers’ compensation insurance in this state, and to consider revised Texas workers’ compensation classification relativities. The hearings will proceed consecutively, and will begin at …

Competition Softens Rate Hikes for Architects, Engineers in 2014: Survey

Although most insurers providing professional liability insurance for architects and engineers sought to raise rates last year, the size of the increases generally failed to meet their expectations. Nevertheless, nearly all leading insurers offering this specialty coverage did see premium …

Washington Fines 4 Insurance Companies For Overcharging

Insurance Commissioner Mike Kreidler is fining four insurance companies for overcharging consumers in Washington state. Kreidler’s office said Tuesday that Hartford Accident and Indemnity Co., Hartford Casualty Insurance Co., Hartford Insurance Co. of the Midwest, and Trumbull Insurance Co. have …