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Jessica Altman, Pennsylvania’s acting Insurance Commissioner, has approved a 6.06% increase in workers compensation premiums.
The Pennsylvania Insurance Department reviewed a proposal from the Pennsylvania Compensation Rating Bureau and found it appropriate following a June state Supreme Court ruling that barred impairment rating evaluations, according to a PID spokesman.
The rate increase is effective Feb. 1, 2018.
Losses for a 100-year earthquake in California are expected to exceed $300 million with more than 300 fatalities and a 250-year event may exceed $1.4 billion in losses with more than 1,000 fatalities, according to a report released Monday by the Oakland, California-based Workers Compensation Insurance Rating Bureau.