Today’s edition of WorkCompRecap features various forms of rate news, as the Colorado Division of Insurance has announced that the “loss costs” component of workers’ comp premiums will increase by 5.2 percent in 2013, marking the third consecutive year for increases. According to the DOI, the trends of increasing claim costs and increasing frequency have continued, however efforts by employers to help reduce losses likely kept the increase from being greater. Find out more by clicking here!
Also in the news today is California, where a hearing was recently held on the Pure Premium Rate filing for January 1, 2013. The WCIRB testified on their filing(s) and noted that while they found continued deterioration in insurer loss experience, they did not propose an overall increase in advisory pure premium rates, pointing to an unusually high level of uncertainty surrounding yet to be developed regulations and the potential for additional savings from SB 863. Find out more by clicking here!