ACIC: Proposed Mid-Year Rate Cut Shows Reforms Easing Costs

The Association of California Insurance Companies said the recommended mid-year pure premium rate reduction shows reforms enacted in 2012 are easing workers’ compensation costs. “Despite increasing costs to administer workers’ compensation claims, the WCIRB indicates lower medical costs and declining severity warrant a reduction in the average pure premium rate,” ACIC President Mark Sektnan said in a statement. “This is good news for employers who will see lower average costs and employees who are receiving evidence-based medically appropriate care in California&...