View this article online: https://www.insurancejournal.com/news/west/2022/04/29/665346.htm
The Workers’ Compensation Insurance Rating Bureau of California submitted pure premium rate filing to the California Insurance Commissioner calling for a 7.6% increase.
The advisory pure premium rates for the roughly 500 standard classifications proposed to be effective Sept. 1 are on average 7.6% greater than the average of the current approved Sept. 1, 2021 advisory pure premium rates. The average of the Sept. 1, 2022 advisory pure premium rates proposed by the WCIRB is $1.56 per $100 of payroll.
The proposed Sept. 1 advisory pure premium rates are based on insurer losses incurred during accident year 2021 and prior accident years valued as of Dec. 31, 2021.
Proposed pure premium rates reflect the changes to the California Workers’ Compensation Uniform Statistical Reporting Plan—1995 proposed by the WCIRB to be effective Sept. 1 and were contained in the WCIRB’s regulatory filing submitted on Feb. 28. If some of these regulatory changes are not approved, the WCIRB may need to amend the pure premium rates proposed in this filing.
Related: