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Employers in California are going to be very unhappy with the mid-year workers’ comp rate filing the Workers’ Compensation Insurance Rating Bureau is about to make. It will soon file for a 9.1% average increase. This is over and above the 37% rate increase that Insurance Commissioner Dave Jones approved for January 2012. The filing will come in at an average rate of $2.51 per $100 of payroll compared to the $2.33 for last year.
The amount is 7.7% above what the Bureau filed last year. It says the increase represents deterioration in the system that is largely tied to the 2010 accident year. The actual increase to rates being used by carriers, however, is likely to be lower since carriers have been steadily increasing their filed rates. Stay tuned for additional coverage.
This week, the Workers Compensation Insurance Rating Bureau published the approved rates and associated percent change for CA work comp codes. Have a look at the attached sheet and find your codes. Never a better time to implement a new health and safety program and keep those claims down! WCIRB Rates Percent change for 2012
The following attachment is a compilation of the last six months of major EPLI settlements arranged by Kaufman Borgeest & Ryan, LLP. Claims range from discrimination, wrongful termination, whistleblower, etc. and settlement amounts go as high as $75 million per employee!
Large Loss EPL Table December 2006 to 2011
Insurance Commissioner Dave Jones last fall called for California workers’ comp insurers to cut their 2012 pure premium rates by 3% to an average of $2.30 per $100 of payroll. But reports from the field and the rate filings by the carriers themselves indicated that this would not be the case and yesterday afternoon the California Department of Insurance (CDI) confirmed it.
The Department says that instead of a 3% decrease, the average pure premium rate in California is actually up 2.8% from last year. That equates to an average rate of nearly $2.44 per $100 of payroll, according to CDI spokesman Byron Tucker.
Read the Full WCEXEC Article Here
In May, we relocated our corporate office to our brand new building in Bressi Ranch, Carlsbad. We took an empty shell and spared no expense on the tenant improvements. From the “Big Ass Fans”, to the Italian commercial espresso machine at the front, this new space is like no insurance office you have ever seen. We invite you to come by any time for an artful latte and a casual chat.
We’ve set up this News area to post information we believe will be helpful for our customers. We all hope you enjoy reading the articles.