Zenith National Insurance Corp. reported that its wholly owned subsidiary, Zenith Insurance Company, has filed with the California Department of Insurance its workers’ compensation rates for use in California on or after July 1, 2005. The new rates represent an average reduction of 12 percent when compared to rates in effect since Jan. 1, 2005.
Commenting on the filing, Stanley R. Zax, Chairman and President, said, “We continue to see short-term favorable trends in inflation and frequency in our California workers’ compensation data, however we will not know the long-term outcome of our loss costs for recent accident years with any certainty for several years. We also will not know the outcome of the new disability guidelines or medical networks for several years. We are continuing with our prudent approach to rate changes by making adjustments to our California workers’ compensation rates to the extent of cost changes as the facts and data evolve. Without the enactment of workers’ compensation reform in 2003 and 2004 our average California workers’ compensation rates would be about 44% higher today.”
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