Today’s issue of WorkCompRecap features the California WCIRB’s recent announcement that its Governing Committee has authorized the submission of a January 1, 2017 Advisory Pure Premium Rate Filing to the California Insurance Commissioner.
The Filing will propose advisory pure premium rates that average $2.26 per $100 of payroll, which is 11.0% less than the corresponding industry average filed pure premium rate of $2.54 as of July 1, 2016, and 2.6% less than the average approved July 1, 2016 advisory pure premium rate of $2.32. Factors contributing to the decrease included continued favorable medical loss development on 2014 and prior accident years, medical claim costs on 2015 accidents emerging at lower than projected levels, and quicker indemnity settlement rates.
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