Today, the Workers’ Compensation Insurance Rating Bureau submitted its January 1, 2019 Pure Premium Rate Filing to the California Department of Insurance (CDI), proposing advisory pure premium rates that average $1.70 per $100 of payroll. The proposed pure premium rates are 4.5% less than the average approved July 1, 2018 advisory pure premium rate of $1.78 and 20% less than the industry average filed pure premium rate of $2.13 as of July 1, 2018. If adopted, this would be the eighth consecutive pure premium rate decrease since 2015 totaling approximately 40%.
The proposed January 1, 2019 advisory pure premium rates reflect continued downward loss development, acceleration in claim settlements, sharply declining pharmaceutical costs and a continued decline in the number of liens being filed. View the Filing at the link below:
Once the CDI schedules a public hearing to consider the Filing, a Notice of Proposed Action and Notice of Public Hearing will be issued and posted on the WCIRB website (wcirb.com). All related Filing documents are available on the Regulatory and Pure Premium Rate Filings page.