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SACRAMENTO, Calif.--California Insurance Commissioner John Garamendi is recommending a 9.5% decrease in the workers compensation pure premium rates for policies beginning as of Jan. 1.
Mr. Garamendi said his latest recommendation is higher than the 6.3% decrease recommended by the state Workers' Compensation Insurance Rating Bureau and would bring the cumulative total reduction in the cost of claims within the system to 59.4% since July 2003.
"These welcome decreases over the years have resulted from a continuing drop in the frequency of workers' compensation claims, a decreasing amount of total permanent disability payments and record low combined loss ratios for the industry," said Mr. Garamendi in a statement.