WCIRB Execs Testify in Support of 5.4% Rate Cut

Workers’ Compensation Insurance Rating Bureau executives cited downward loss development in California, faster claim settlement rates, falling pharmaceutical costs and increasing wages in support of a proposed 5.4% rate cut for 2020. The WCIRB in August recommended that the California Department of Insurance adopt an advisory pure premium rate of $1.58 per $100 of payroll for policies incepting on or after Jan. 1. WCIRB Executive Vice President and Chief Actuary Dave Bellusci, along with President and CEO Bill Mudge, presented the actuarial basis for the WCIRB’s average ...