The WCIRB Governing Committee yesterday approved the filing of an average 12% increase in advisory pure premium rates to be effective on policies incepting on or after January 1, 2004. The recommended increase was based on an analysis of loss and loss adjustment experience as of March 31, 2003.
Included in the 12% increase is a 5% provision to reflect the cost of Assembly Bill No. 749 on 2004 policies and a 1.8% provision to reflect the expected long-term average cost of losses arising from earthquakes.
The WCIRB anticipates submitting a rate filing with the California Department of Ins...
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