30 Percent Workers Comp Rate Increase Proposed for California
Actuaries for the San Francisco-based Workers’ Compensation Insurance Rating Bureau of California have recommended a roughly 30 percent rate increase for policies incepting January 1.
The recommendation made Wednesday, August 4, by the WCIRB’s actuarial committee must be approved by the governing committee before it goes to the California Department of Insurance for approval or disapproval.
The state bureau’s governing committee is scheduled to meet August 11 to vote on the matter, a spokesman said.
Rising medical costs and the Department of Insurance’s past rejections of rate increases resulted in the need for an approximately 30 percent increase, the spokesman added.
Last year the Department of Insurance rejected the bureau’s call for a workers’ comp insurance rate increase of nearly 24 percent.