Falling Rates Possible Indicator of Soft Market Cycle

California carriers on average reduced their filed pure premium rates by more than 5% in 2017, and employers saw a bigger decline in the average amount they paid for workers’ compensation coverage. Some observers say the market is softening. Filings posted on the Department of Insurance website show 275 carriers last year revised their pure premium rates, on average reporting a 5.1% reduction. Only 26 carriers reported pure premium increases in 2017, and another 17 reported no change to the part of the premium actuarially determined to be needed to cover losses and loss-related...