WCIRB: Indemnity Payments Didn't Rise as quickly as expected from SB 863 Changes

Indemnity payments only increased by about half as much as the Workers’ Compensation Insurance Rating Bureau expected them to in 2014. The bureau was expecting a 10% increase in indemnity costs per claim in 2014 due to increased permanent disability awards under Senate Bill 863. Instead, carriers reported only a 5.3% rise from $25,870 per claim to $27,230, according to a presentation WCIRB representatives gave during a webinar Thursday. “Time will still tell on how those benefit changes ultimately pan out, but at least at this stage we’re not seeing an increase as sign...