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The California Workers Compensation Insurance Rating Bureau amended its workers comp rate filing Wednesday to request a smaller-than-anticipated increase in California workers comp rates next year.
San Francisco-based WCIRB will ask the California Department of Insurance to raise the state's pure premium workers comp rate to $2.77 per $100 of payroll as of Jan. 1, 2015, the bureau said in a statement Wednesday.
The bureau had submitted a filing on Aug. 19 asking that the California insurance department increase the state's workers comp pure premium rate to $2.86 per $100 of payroll next year. That's compared with an average advisory pure premium rate of $2.68 in California as of Jan. 1, 2014.
WCIRB said its governing committee voted to reduce its recommended rate hike for 2015 after receiving new insurer information that showed “lower than anticipated loss development in the second quarter” of 2014 and “some moderation in the 2013 indemnity claim frequency growth.”
The California insurance department is scheduled to consider WCIRB's rate filing at an Oct. 8 public hearing, the bureau said.
Commercial property/casualty insurance rates rose an average of 1% in August, Dallas-based electronic insurance exchange MarketScout reported Friday.