Jones Approves 2.8% Hike in Pure Premium Rate

California Insurance Commissioner Dave Jones late Friday approved a 2.8% hike in the state's advisory pure premium rate, the latest signal that workers' compensation rates will continue to ascend despite the legislature's passage of cost-saving reforms.Jones approved a pure premium rate of $2.56 per $100 of payroll, compared to the $2.38 rate recommended by the Workers' Compensation Insurance Rating Bureau's Governing Committee. Filed rates now average $2.49 per $100."This is a case where the math matters and actuarial science is the critical component in determining a rate...