Today, the WCIRB submitted its January 1, 2015 Pure Premium Rate Filing to the California Department of Insurance (CDI) proposing advisory pure premium rates that average $2.86 per $100 of payroll effective January 1, 2015.
The average proposed advisory pure premium rate in the Filing is approximately 11.3% higher than the industry average filed pure premium rate of $2.57 as of July 1, 2014 and 6.7% higher than the average advisory pure premium rate of $2.68 as of January 1, 2014.
In a cover letter accompanying the Filing, WCIRB President and CEO Bill Mudge cited a number of factors contributing to the proposed increase including:
The Filing and all related documents, including a detailed executive summary highlighting the Filing’s major components, are available on the Regulatory and Pure Premium Rate Filings page of the WCIRB website (www.wcirb.com).
The CDI will schedule a public hearing to consider the Filing. Once the Notice of Proposed Action and Notice of Public Hearing is issued, the WCIRB will post a copy on the Regulatory and Pure Premium Rate Filings page of the website.