The WCIRB Governing Committee recently approved the filing of an
average 12 percent increase in advisory pure premium rates to be
effective on policies incepting on or after Jan. 1, 2004.
The recommended increase was based on an analysis of loss and loss adjustment experience as of March 31, 2003. Included in the 12 percent increase is a 5 percent provision to reflect the cost of Assembly Bill No. 749 on 2004 policies and a 1.8 percent provision to
reflect the expected long-term average cost of losses arising from
earthquakes.
The WCIRB anticipates submitting a rate filing with the California
Department of Insurance next week. It is expected that the
Insurance Commissioner will hold a public hearing to consider the proposal in September.
The WCIRB will make the rate filing available on its Web site once
it is filed.
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