The Workers’ Compensation Insurance Rating Bureau announced Wednesday that it will propose a 7.2% mid-year pure premium rate decrease for the California market, which would be the sixth reduction since Jan. 1, 2015.
The WCIRB Governing Committee approved a pure premium rate of $1.80 per $100 of payroll, compared to the current rate of $1.94. The proposed rate is 19% less than the average rate that insurers were charging as of Jan. 1 — $2.22. The total reduction since 2015 would amount to 35% if the filing is approved.
The bureau recommended the reduction based on the Ac...
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