Golden State Stands Out in Considering COVID Costs for New Rate Filing

When the Workers’ Compensation Insurance Rating Bureau of California included COVID-19 related costs in its 2021 pure premium rate filing, the Golden State became the first jurisdiction to formally consider the effects of the virus in future rate planning. WCIRB officials said it was necessary to include COVID-19 in its advisory rate and industry class factors because there is likely to be workers’ comp exposure for the virus, and the bureau is able to forecast costs related to the pandemic well enough. But ratemaking agencies for other states and jurisdictions, includin...