Rating Agency Recommends Another Workers’ Comp Rate Decrease
| posted in Blog, NewsletterThere could be yet another workers’ comp rate reduction coming down the pike, after California’s rating agency filed a recommendation that benchmark rates for policies that take effect on or after Jan. 1, 2019 be reduced by 14.5% from Jan. 1, 2018 levels. The Workers’ Compensation Insurance Rating Bureau’s recommendation that the average benchmark rate be cut comes on the heels of an order by Insurance Commissioner David Jones to reduce these “pure premium rates” by 10.3% as of July 1, compared with Jan. 1 rates. The advisory pure premium rates proposed to be effective Jan. 1, 2019 average $1.70…
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