Good Workers’ Comp News For Employers !

California employers are finally catching a break. The Bureau's actuarial committee just finished its deliberations and determined that a mid-year pure premium rate increase is not needed. The final decision is up to the insurance carriers that fund the Bureau and which run its governing committee. They are expected to agree.
Committee members did hear, however, that a steady flow of rate filings by insurance companies through the fall increasing rates and therefore premium yield has brought the industry's average filed back up. They are now approximately where they were in 2003 before the last two legislative reforms. California Insurance Commissioner Dave Jones has approved some 58.5% in overall average workers’ comp rate increases since he came into office in January 2011.
WCIRB Executive Vice President Dave Bellusci notes that there were no real surprises in the data and that the rate indication is essentially unchanged from the amended annual filing it made last year. Additionally, there is no new data available on impact of the SB 863 reforms that would necessitate a change in rate.
The Bureau's governing committee meets later this week to review and presumably approve the committee's non-fling finding.
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