Why do they let the SCIF do it when they deny the WCIRB filing? Maybe the state should implement cost savings measures like strengthening the medical fee schedules that recently deteriorated because of court decisions if they don’t want to pass on insurance costs to the injured employees.
…that’s like bringing a sprinkling can to a wildfire. A 5% rate hike in CA WC rates hardly even covers the expenses to make the filing…and with Poizner posturing the way he is, this state is in dire trouble for the long haul. These employers have had a huge windfall in a time that they probably needed it but the time is coming when they’ll need to pony up to the table. Everyone has to pay the piper eventually.
The way the Poizner is working his “magic” it won’t be long before there are no more WC carriers left in CA. Definitely not the first time this has happened and won’t be the last. The people that hold the office of insurance commissioner should not be put in there based on votes; they should be put in there by insurance companies that know the industry and are not panhandling for future political office positions.
Really? How would it serve the consumer to have the commissioners seat dictated by insurance companies? I don’t think that is the answer and there are other intelligent choices besides insurance companies that can understand the dynamics. We need insurance companies I am not against them, but we also know that they make huge amounts of money too. The AIG bonus payouts – what company pays out bonuses when the company is holding out their hands to the taxpayers? You want a business like that making decisions on rate increases?
Businesses are feeling the hurt of the economy right now and if a company is with the State Fund they are probably overpaying already. Our company has yet to direct anyone to the State Fund as their rates have not been in the game for the last three years or more, and there are better choices for claims handling than the State Fund. The only fit for the State Fund is hard to place risks either because of class of business, or adverse loss history. If they are insuring 170,000 policy holders they have about 10% of the market.
Or you can just send the insurance commissioner to Florida when his term is done. That got at least one very silly one out of your hair, and he got an actual useful job to boot.
The bottom line is when it all comes down to the consumers actual pricing what these rate indicators of the WCIRB/commissioners stand don’t have to greatly effect the business owner. Most of this is statistical data that the carriers can use to help them adjust their pricing to cover the risk. All filed rates by the insurance companies have wide swings in debit and credit modules and that is why you will usually not find pricing the same from business to business it is all in the negotiation done by the agent/client/consultant/insurance carrier.
It is important to note that each carrier needs to look at how long they can offer aggressive pricing for the business they wrote and then how well they manage that business from a claims/loss perspective. Write to much to cheap and let claims soar…then that carrier will be asking for trouble.
The State giveth and the State taketh away. Mostly, it takes away. This is just one more nail in CA’s economic coffin. Employers don’t hire because there are no jobs to do and if they want to, they can’t afford to hire because of the increased costs of doing business here. This along with the uncertainty of OBAMACARE and no end in sight of the down economy leaves employers saying to themselves, why bother? or…let’s just move to another state that has its head on straight. Only when Liberals stop their efforts to kill this state off will things improve here. CA has been hit in its glass Jaw and is now on the mat the and count has started.
Why do they let the SCIF do it when they deny the WCIRB filing? Maybe the state should implement cost savings measures like strengthening the medical fee schedules that recently deteriorated because of court decisions if they don’t want to pass on insurance costs to the injured employees.
…that’s like bringing a sprinkling can to a wildfire. A 5% rate hike in CA WC rates hardly even covers the expenses to make the filing…and with Poizner posturing the way he is, this state is in dire trouble for the long haul. These employers have had a huge windfall in a time that they probably needed it but the time is coming when they’ll need to pony up to the table. Everyone has to pay the piper eventually.
The way the Poizner is working his “magic” it won’t be long before there are no more WC carriers left in CA. Definitely not the first time this has happened and won’t be the last. The people that hold the office of insurance commissioner should not be put in there based on votes; they should be put in there by insurance companies that know the industry and are not panhandling for future political office positions.
Really? How would it serve the consumer to have the commissioners seat dictated by insurance companies? I don’t think that is the answer and there are other intelligent choices besides insurance companies that can understand the dynamics. We need insurance companies I am not against them, but we also know that they make huge amounts of money too. The AIG bonus payouts – what company pays out bonuses when the company is holding out their hands to the taxpayers? You want a business like that making decisions on rate increases?
Businesses are feeling the hurt of the economy right now and if a company is with the State Fund they are probably overpaying already. Our company has yet to direct anyone to the State Fund as their rates have not been in the game for the last three years or more, and there are better choices for claims handling than the State Fund. The only fit for the State Fund is hard to place risks either because of class of business, or adverse loss history. If they are insuring 170,000 policy holders they have about 10% of the market.
Andrea Luoni
RateCraft
Solution: Insurance Commissioners can no longer run for any other elected office for five years after serving.
Or you can just send the insurance commissioner to Florida when his term is done. That got at least one very silly one out of your hair, and he got an actual useful job to boot.
The bottom line is when it all comes down to the consumers actual pricing what these rate indicators of the WCIRB/commissioners stand don’t have to greatly effect the business owner. Most of this is statistical data that the carriers can use to help them adjust their pricing to cover the risk. All filed rates by the insurance companies have wide swings in debit and credit modules and that is why you will usually not find pricing the same from business to business it is all in the negotiation done by the agent/client/consultant/insurance carrier.
It is important to note that each carrier needs to look at how long they can offer aggressive pricing for the business they wrote and then how well they manage that business from a claims/loss perspective. Write to much to cheap and let claims soar…then that carrier will be asking for trouble.
Andrea Luoni
RateCraft.com
The State giveth and the State taketh away. Mostly, it takes away. This is just one more nail in CA’s economic coffin. Employers don’t hire because there are no jobs to do and if they want to, they can’t afford to hire because of the increased costs of doing business here. This along with the uncertainty of OBAMACARE and no end in sight of the down economy leaves employers saying to themselves, why bother? or…let’s just move to another state that has its head on straight. Only when Liberals stop their efforts to kill this state off will things improve here. CA has been hit in its glass Jaw and is now on the mat the and count has started.