WCIRB Increases 2014 Pure Premium Recommendation to $2.75

By Greg Jones, Western Bureau ChiefSAN FRANCISCO – The Governing Committee of the California Workers’ Compensation Insurance Rating Bureau on Wednesday voted unanimously to raise the recommended 2014 pure premium rate to $2.75 from $2.70 after accounting for the increased costs of the new medical fee schedule that takes effect Jan. 1. The Governing Committee in September approved a 2014 pure premium rate of $2.70, which is 6.9% higher than the industry average filed rate of $2.53, based on 2013 loss-development trends. But that rate did not include any costs for the new Resource-Ba...