Workers' Compensation Insurance Rate Decreases
Last Updated:
Thursday, June 30, 2005
According to one report this week, over 30 workers’ compensation insurance carriers have filed for 18 percent decreases in their pure premium rates for policies commencing or renewing on July 1, 2005. The average decrease among insurers in the California market is 15 percent. This latest round of decreases is a direct response to the California Worker’s Compensation Insurance Rating Bureau (The actuarial and statistical organization contracted by the Department of Insurance) May 17, 2005 recommendation to decrease the pure premium rate by 13.8 percent. This is good new for the California business community and is evidence that the legislative reforms over the last few years in workers’ compensation are effective. Some legislators and business leaders had expressed concern over whether insurance companies would pass on their saving to policyholders.
We will continue to keep you informed of developments in this important area. Meanwhile, if you have any questions about the rate decrease, contact an Employers Group Helpline Consultant by calling 800-748-8484
