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.”
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