WCIRB Files Recommended 10.4% Rate Hike

The Workers’ Compensation Insurance Rating Bureau on Thursday submitted its annual advisory pure premium rate filing to the California Department of Insurance. The WCIRB is recommending that the department increase the advisory pure premium rate by 10.4%. The average proposed advisory rate for policies incepting on or after Sept. 1 would be $1.71 per $100 of payroll, up from $1.55. Key drivers of the proposed increase include higher loss development, rising medical costs, increasing frequency of cumulative trauma claims, and sharp growth in average allocated loss adjustment expens...