WCIRB to Consider Even Higher Rate Increase

The Actuarial Committee of the California Workers' Compensation Insurance Rating Bureau (WCIRB) yesterday voted to amend upward the January 2003 proposed pure premium advisory rate filing by another 1.7%, for a 13.6 percent increase in California average pure premium rates. The original proposed advisory pure premium rate increase was 11.9%. The Actuarial Committee's recommendations must first be voted upon by the WCIRB's governing committee, scheduled to meet tomorrow, before the recommendation is sent to the Department of Insurance. While interim rate increase recommendations of this magni...