2nd-Quarter Deterioration Points to Higher 2014 Rate Filing

By Greg Jones, Western Bureau ChiefSAN FRANCISCO – Increased frequency and adverse medical-loss development factors during the second quarter of 2013 indicate the need for a higher advisory pure premium rate than the Workers’ Compensation Insurance Rating Bureau’s Governing Committee approved last month.The Governing Committee on Aug. 7 approved a pure premium rate of $2.62 per $100 of payroll, which would be 3.4% higher than the average filed rate of $2.53 as of Jan. 1, 2013. But during an Actuarial Committee hearing on Wednesday, WCIRB Executive Vice President and Chief Act...