The California Workers’ Compensation Insurance Rating Bureau in April 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 average proposed advisory pure premium rate is 5.0 percent lower than the corresponding industry average filed pure premium rate of $2.59 as of Jan. 1 and 10.2 percent less than the approved average January 1 advisory pure premium rate of $2.74.
The committee cited lower medical loss development, as well as indemnity and medical severities that continue to be below expectations, among its reasons for the reduction.
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