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California’s Workers’ Compensation Insurance Rating Bureau determined Wednesday that the modest improvement in pure premium workers compensation rates so far in 2019 does not warrant a midyear filing.
WCRIB’s governing committee met to review the state’s workers comp loss and loss adjustment expense experience. In 2011, the bureau determined that midyear filings would only be made if there was a high level of volatility in the market or a major legislative, regulatory or judicial action affecting workers comp in the state.
The committee determined that since Jan. 1, 2019, approved premium rates improved approximately $0.06 per $100 of payroll — or less than 4% — than in prior years, and did not merit a midyear rate filing. Pure premium rates reflect indemnity and medical losses and loss adjustment expenses; insurance companies in the state are not required to adopt the rates.
The bureau also discussed its concerns relating to indicated increases in average 2018 claim severities, and potential distortions in loss development from recent reductions in pharmaceutical costs. The committee is slated to further analyze these areas for the Jan. 1, 2020 annual pure premium rate filing.
The average workers compensation rates charged by insurers operating in California is trending lower, but the projection of the sector’s combined ratio is inching up, according to a new report.