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California workers compensation advisory rates are set to decrease 10.2% for policies issued on or after July 1, according to the California Workers' Compensation Insurance Rating Bureau.
Advisory pure premium rates for California employers will fall to $2.46 per $100 of payroll as of July 1, down from $2.74 per $100 of payroll approved as of Jan. 1, Oakland, California-based WCIRB said in a statement Thursday. California Insurance Commissioner Dave Jones approved the rate cut on May 7, according to documents posted online by WCIRB.
The rating bureau requested in April that Mr. Jones approve the rate decrease based on declining medical severity for California workers comp claims and better-than-projected workers comp indemnity claim severity in 2013 and 2014.
The California Workers’ Compensation Insurance Rating Bureau is set to request a 10.2% mid-year reduction in advisory workers compensation rates based on lower-than-expected medical losses and claim severity in the state.