Today, the Workers’ Compensation Insurance Rating Bureau of California (WCIRB) submitted its January 1, 2021 Pure Premium Rate Filing to the California Department of Insurance (CDI), proposing advisory pure premium rates that are, on average, 2.6 percent above the average approved January 1, 2020 advisory pure premium rates. The average of the proposed January 1, 2021 advisory pure premium rates is $1.56 per $100 of payroll.
View the filing at the following link:
Absent the estimated impact of COVID-19 claims on 2021 policies, the filing reflects a modest decrease (1.3 percent) in advisory pure premium rates. In addition to projecting the cost of COVID-19 claims to be incurred on 2021 policies, the filing also reflects the impact of the pandemic-related economic slowdown on future wage growth, claim frequency and claim severity.
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 in the Filings and Plans section of the WCIRB website. All related filing documents are available on the WCIRB January 1, 2021 Regulatory and Pure Premium Rate Filings page.
The WCIRB has scheduled a webinar to discuss the highlights of the January 1, 2021 Pure Premium Rate Filing. To register, use the link below. You may submit your questions while registering.
WCIRB Overview of the 2021 Proposed Advisory Pure Premium Rate Filing
Wednesday, September 2, 2020, 10:00 – 11:00 AM PT