Rating Bureau Recommends Benchmark Rate Decrease for California Employers

| posted in Blog

IN A SURPISE move, the Workers’ Compensation Insurance Rating Bureau of California has filed a recommendation to reduce average baseline rates on policies by 7.8% at the mid-year mark. The mid-year reduction to the baseline rate is largely the result of reforms that were introduced in 2013 that have sped up the settlement process for claims (including many long-term claims), in addition to reducing medical costs. Also, because of these reforms the cost of adjusting workers’ comp claims in California has dropped over the past few years. Insurance carriers use the benchmark rate – also known as the pure premium…
Read More