Today’s issue of WorkCompRecap features the Pennsylvania Departments of Insurance’s recent announcement of a 5.15% rate reduction for workers’ compensation, which went into effect on April 1. The DOI noted that the rate reduction will save employers in the state approximately $140 million, and it marks the third reduction since 2012, with total savings in the last three years coming in around $410 million. Find out more by clicking here!
Also in the news today is the California WCIRB’s recent completion of its report on insurer loss and premium experience through December 31, 2013. Key findings from the report included gross written premium for CY 2013 of around $14.8 billion, roughly 18% above 2012 and 68% above 2009, which was attributed primarily to rate increases. The WCIRB also noted that it is projecting 2013 indemnity claim severity to be slightly above the projected severities for accident years 2011 and 2012. Find out more by clicking here!