Workers’ Comp Rating Bureau of California Governing Committee Oks Higher Pure Premium Rate Filing

The Workers’ Compensation Insurance Rating Bureau of California’s governing committee voted on Wednesday to authorize the WCIRB to submit a Sept. 1, 2024 Pure Premium Rate Filing to the California Insurance Commissioner on average 0.9% above the average approved Sept. 1, 2023 advisory pure premium rates.

The proposed advisory pure premium rates reflect loss and loss adjustment experience as of Dec. 31, 2023.

WCIRB Executive Vice President and Chief Actuary Sean Cooper noted that on average, the proposed Sept. 1, 2024 advisory pure premium rates are higher than the advisory pure premium rates proposed by the WCIRB in the Sept. 1, 2023 Pure Premium Rate Filing. the Drivers of the change included increased medical loss development and higher allocated loss adjustment expenses, which were partially offset by lower-than-projected loss emergence for accident year 2023, According to Mr. Cooper/

The WCIRB expects to submit its September 1, 2024 Pure Premium Rate Filing to the California Department of Insurance by the end of April. The CDI will schedule a public hearing to consider the filing, and once the notice of proposed action and notice of public hearing is issued, the WCIRB will post a copy in the filings and plans section of the WCIRB website.

Topics California Workers' Compensation