California Insurance Commissioner Dave Jones approved workers’ compensation rates for 2016 that are 2 percent below the average approved in July.
The Workers’ Compensation Insurance Rating Bureau submitted its Jan. 1, 2016, pure premium rate filing to the California Department of Insurance on Aug. 19. A public hearing regarding the filing was held on Sept. 22, 2015.
Jones approved advisory pure premium rates that average $2.42 per $100 of payroll. The approved pure premium rates are on average 9.0 percent less than the industry average filed pure premium rate as of July 1, 2015, of $2.66 and 2 percent less than the average of the approved July 1, 2015, advisory pure premium rates of $2.47, according to the WCIRB.
The approved advisory pure premium rates are effective Jan. 1, 2016, for new and renewal policies.
Topics California Pricing Trends
Was this article valuable?
Here are more articles you may enjoy.
Washington Commanders Player Scores Workers’ Compensation Win 
Seven Charged in $100 Million Workers’ Comp Fraud in Florida 
FBI Investigating Possible Exposure of Millions of American IDs 
The Big Data/AI ‘Revolution’ Is Driving Up Verdicts, Settlements as Plaintiffs Buy In From This Issue
