WCIRB Files Recommendation for 11.2% Rate Increase

The Workers’ Compensation Insurance Rating Bureau submitted its filing recommending that the California insurance commissioner increase the advisory pure premium rate by 11.2%. Increases in medical loss development in prior years and as well as an increase in medical costs in 2024 are drivers of the recommendation to increase the pure premium rate for policies incepting on or after Sept. 1. Other cost drivers include an increasing frequency of cumulative trauma claims and a related increase in allocated loss adjustment expenses. The modest decrease in non-cumulative indemnity claims an...