Report: SCIF Rate Increase to Boost Premiums by $43.3M

A 4.2% rate increase approved for the California State Compensation Insurance Fund is expected to boost the carrier’s premiums by $43.3 million, according to a report by S&P Global. The increase approved last year and effective Feb. 1 impacts about 95,000 policyholders. Overall, S&P Global reports that the California Insurance Department signed off on 26 work comp rate increases in the last quarter of 2022 that are projected to raise premiums by a cumulative $55.7 million. Oregon’s SAIF Corp. notched the second-most impactful rate hike in the final quarter of 2022. The 5...