Today, the WCIRB submitted a July 1, 2015 Pure Premium Rate Filing to the California Department of Insurance (CDI) proposing advisory pure premium rates that average $2.46 per $100 of payroll effective July 1, 2015. The average proposed advisory pure premium rate is 5.0% lower than the corresponding industry average filed pure premium rate of $2.59 as of January 1, 2015 and 10.2% less than the approved average January 1, 2015 advisory pure premium rate of $2.74.
In the Executive Summary of the Filing, the WCIRB notes that loss adjustment expenses (LAE) continue to emerge at levels higher than expected, but this increase in LAE has been more than offset by favorable loss development on older accident years and lower than projected losses emerging on the 2014 accident year.
The Filing and related documents are available in the Publication and Filings section 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 its website and issue a Wire Story.