WCIRB Files Recommended 4.5% Cut in Advisory Rate

The Workers’ Compensation Insurance Rating Bureau on Monday submitted a proposed 4.5% reduction in the pure premium rate, as announced previously. The bureau recommended that the Department of Insurance approve an advisory rate of $1.70 per $100 of payroll, a reduction from the current rate of $1.78. The recommended rate is 20% less than the industry average filed rate of $2.23 as of July 1. If adopted, the rate would mark a cumulative 40% reduction and the eighth rate decrease since 2015. The decrease would take effect on Jan. 1. The filed rate reflects downward loss development, acc...