N.C. comp premiums to rise 7.3% in 2007

RALEIGH, N.C.--The North Carolina Rate Bureau has announced that it will raise workers compensation pure premiums by an average of 7.3% for policies incepting April 1, 2007.

Employers in the office and clerical industry group will see the largest increase in pure premiums at 9.2%, the Raleigh-based NCRB said Tuesday. In contrast, employers in the contracting category will see a 4.6% increase.

Pure premiums cover losses and loss-related expenses. They do not include other insurer expenses such as taxes or commissions.

The NCRB also announced that it will increase residual market rates by 7.6% following negotiations with the North Carolina Department of Insurance. The bureau in September had filed for a 9.7% rate increase for the residual market.