A workers’ compensation rate hike looks to be in the works for California businesses.
The Workers’ Compensation Insurance Rating Bureau Actuarial Committee met Wednesday and reviewed the June 30 experience, which showed “significant adverse medical loss development and increasing indemnity claim frequency” relative to the March 31 experience presented to WCIRB’s Governing Committee on Aug. 7, according to a WCIRB spokesman.
Because of the deterioration the Governing Committee will reconsider the average advisory pure premium rate indicated based on March 31 experience, according to WCIRB spokesman Jack Hannan.
In August the Governing Committee voted unanimously to file an advisory pure premium ratefor 2014 of $2.62 per $100 of payroll, 3.4 percent above the industry average filed pure premium rate of $2.53 per $100 of payroll as of July 1
This article was courtesy of the Insurance Journal.