WCIRB to propose 6.9% advisory pure premium rate increase for 2014Posted On: Sep. 11, 2013 12:00 AM CST
The Workers’ Compensation Insurance Rating Bureau of California announced Wednesday that it will propose a 6.9% advisory pure premium rate increase for Jan. 1, 2014.
WCIRB’s filing will reflect rates averaging $2.70 per $100 of payroll, up from the $2.53 per $100 of payroll that has been the industry average for filed pure premiums rates as of July 1, 2013.
The WCIRB said it will submit the new rate filing to the California Department of Insurance, possibly this week, but it could still amend its recommendation for a rate increase.
Its filing for the 6.9% rate increase reflects a deterioration in claims experience attributable to adverse medical losses and sharply increasing indemnity claim frequency, the San Francisco-based WCIRB said.
The California Department of Insurance will schedule a public hearing to consider the WCIRB’s rate filing.