Workers’ compensation is more expensive in California than anywhere else in the country, and the state’s insurance commissioner is asking carriers to do their part in easing that burden.
Insurance Commissioner Dave Jones on Thursday approved a pure premium advisory rate of $2.19 per $100 of payroll for 2017 policies. The approved rate is 5.6% below the mid-year rate of $2.32 and 13.8% lower than the industry average filed rate of $2.54 as of July 1.
Pure premium rates represent only the amount of money that insurance companies need to cover claim costs and claim handling expenses...
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