WCIRB Looking at 40% Pure Premium Increase

By Greg Jones, Western Bureau ChiefThe Workers’ Compensation Insurance Rating Board (WCIRB) Governing Committee will likely be asked to consider a pure premium rate increase in the neighborhood of 40% when it meets Wednesday in San Francisco.WCIRB most recently recommended an increase of 27.7% in the pure premium rate, called the claims cost benchmark in California, starting Jan. 1. The WCIRB Actuarial Committee said since that Jan. 1 filing, it has seen an additional 10% deterioration in experience caused by adverse loss development in the 2009 accident year, high emerging costs in the ...