California ratings bureau recommends 2.6% comp premium hike
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The California Workers Compensation Insurance Rating Bureau’s governing committee voted to recommend a 2.6% increase in pure premium advisory rates in the state over last year, the bureau announced in a statement Wednesday. The Jan. 1, 2021, advisory rate filing will be submitted to California Insurance Commissioner Ricardo Lara in late August.
The bureau’s executive vice president and chief actuary said that the committee would have recommended a rate decrease for 2021 of 1.3% had it not been for the estimated impact of COVID-19 claims in the state. The bureau’s recommendation also reflects the impact of the pandemic-related economic slowdown on wage growth, workers comp claim frequency and claim severity, the bureau said in the release.
The insurance commissioner is expected to schedule a hearing on the filing once received.
More insurance and workers compensation news on the coronavirus crisis here.
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