Today, the California Insurance Commissioner issued a Decision regarding the Workers’ Compensation Insurance Rating Bureau of California (WCIRB) September 1, 2024 Pure Premium Rate Filing (Filing). The WCIRB submitted the Filing to the California Department of Insurance (CDI) on April 25, 2024.
The WCIRB proposed advisory pure premium rates in its Filing that are, on average, 0.9 percent above the approved September 1, 2023 advisory pure premium rates. The CDI held a public hearing regarding the Filing on June 6, 2024, and the CDI’s official hearing record closed on June 13, 2024.
In his Decision, the Insurance Commissioner approved advisory pure premium rates for new and renewal policies effective on or after September 1, 2024. The approved advisory pure premium rates, which average $1.38 per $100 of payroll, are 2.1 percent lower than the average of the approved September 1, 2023 advisory pure premium rates. The difference between the WCIRB proposed and CDI approved advisory pure premium rates is due to different assumptions regarding loss development and claim severity trends.
View and download the Insurance Commissioner’s Decision in the Regulatory and Pure Premium Rate Filings section of the WCIRB website.
Related Information
- Insurance Commissioner’s Decision
- Bulletin 2024-10 WCIRB September 1, 2024 Pure Premium Rate Filing Decision
- September 1, 2024 Pure Premium Rate Filing (April 25, 2024)
- September 1, 2024 Advisory Pure Premium Rates: XLS File | Delimited File