Insurance Commissioner Hears Pitch for 4.3% Rate Reduction

SAN FRANCISCO – The numbers have changed a bit, but the song remained the same at Monday’s hearing on the Workers’ Compensation Insurance Rating Bureau’s 2017 advisory pure premium rate recommendation. Medical costs are developing favorably and taking the sting out of high loss-adjustment expenses and increasing claim frequency. During a public hearing on Tuesday, the WCIRB officially made its pitch for an advisory rate of $2.22 per $100 of payroll for policies incepting on or after Jan. 1. The indicated rate is 4.3% lower than the mid-year rate of $2.32, and 12.6% be...