The California Workers’ Compensation Insurance Rating Bureau on Monday submitted a July 1 pure premium rate filing to the California Department of Insurance proposing advisory rates that average $2.46 per $100 of payroll.
The move follows a recommendation by the WCRIB governing committee at the start of April.
The average proposed advisory pure premium rate is 5.0 percent lower than the corresponding industry average filed pure premium rate of $2.59 as of Jan. 1 and 10.2 perpcent less than the approved average January 1 advisory pure premium rate of $2.74.
The committee cited lower medical loss development, as well as indemnity and medical severities that continue to be below expectations, for the reduction.
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