WCIRB Flips Proposed Rate Increase to 2% Cut

California’s advisory pure premium rate could drop below $2 after the Workers’ Compensation Insurance Rating Bureau’s Governing Committee on Wednesday voted to amend its 2018 filing to recommend a 2% cut. The amended filing recommends an advisory pure premium rate of $1.96 per $100 of payroll, compared to the rate recommended in August of $2.01. The revised rate is 2% lower than the rate of $2 the insurance commissioner adopted for July 1 and 16.1% lower than the industry average filed rate of $2.34 as of that date. The WCIRB said in a statement that the decision to re...