Governing Committee Votes Against Amending Rate Recommendation

The Governing Committee for the California Workers’ Compensation Insurance Rating Bureau on Wednesday voted against amending the 2020 pure premium rate filing to recommend a slightly lower rate than what was proposed in August. “The Governing Committee noted that continued modest downward loss development did lower the indicated average advisory Jan. 1, 2020, pure premium rate from $1.58 to $1.56,” the WCIRB said in a statement. “However, given this modest 1% impact, coupled with economic uncertainty that could result in lower wage growth than currently projected in th...