Workers' compensation insurers in California might need to increase their rates beginning in 2013, the Sacramento Business Journal reports.
On Aug. 15, the Workers' Compensation Insurance Rating Bureau of California's governing committee is scheduled to consider how it will advise state Insurance Commissioner Dave Jones (D) on rates for workers' compensation insurance next year.
However, data appear to show that workers' compensation insurers might need to increase rates next year to account for rising costs.
Projecting Rates
According to a release from the rating bureau, early indicators show that an average pure premium rate of $2.68 per $100 of payroll would be justified for new and renewed policies beginning Jan. 1, 2013.
Starting July 1, Jones advised insurers to increase pure premium rates to $2.49 per $100 of payroll for new or renewed policies.
The rating bureau's actuarial committee has recommended that the governing committee select a $2.68 advisory base rate beginning Jan. 1, 2013, according to the release.
The committee said the advisory base rate is justified because expenses, losses and frequency of claims have increased for workers' compensation insurers (Johnson, Sacramento Business Journal, 8/6).
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