Farmers Announces Another California Workers’ Comp Rate Reduction

April 26, 2005

The Farmers Insurance Group of Companies announced a 10 percent rate reduction in workers’ compensation rates for its California business customers. Since 2004, Farmers has slashed its workers’ compensation rates four times by a total of 24 percent due to an improving insurance marketplace.

This latest 10 percent rate decrease will apply to both new and existing Farmers customers with workers’ compensation insurance. It is effective on June 1, 2005.

Farmers officials said the improving marketplace is a direct result of workers’ compensation reforms previously passed by the State Legislature. In 2004, Governor Arnold Schwarzenegger signed workers’ compensation reform legislation into law.

“California’s workers’ compensation market continues to show signs of healthy improvement. These improving trends are related to the legislative reforms,” said Roy Smith, Farmers Vice President and Executive Director for Southern California. “As a result of the improving market, we are pleased to pass along these savings to our valued California business customers.”

Farmers currently provides workers’ compensation insurance to more than 16,700 businesses in California through its statewide network of Farmers agents. Farmers is one of the leading and largest small business insurers in California.

“These rate reductions are proof positive that workers’ compensation reforms enacted by the Legislature and signed into law by the Governor are working to bring down rates,” said Andy Reser, Farmers Executive Director for Northern California. “This also demonstrates that everyone wins in a healthy, vibrant insurance marketplace.”

Topics California Workers' Compensation Pricing Trends New Markets Agribusiness

Was this article valuable?

Here are more articles you may enjoy.

Latest Comments

  • April 28, 2005 at 11:29 am
    Patty from Pleasanton RO says:
    Spitzer found a discrepancy in AIG's reporting of WorkComp premiums reported for taxation in that state. What are the Farmers numbers?
  • April 27, 2005 at 3:07 am
    monarch says:
    They have filed a 10 reduction in their Loss Cost Multiplier which impacts all class codes. Perhaps some knowledge would have gone a long way with you!
  • April 27, 2005 at 1:46 am
    insure guy says:
    Farmers will raise some rates 10%, cut a few low risk classes and then announce an overall 10% reduction. Not all that glitters is gold!

Add a CommentSee All Comments (6)Add a Comment

Your email address will not be published. Required fields are marked *

*

More News
More News Features