California's WCIRB Says No Mid Year Rate Change
The Workers Comp rating bureau for California has decided to not recommend a July 1, 2010 overall pure premium rate increase. In a memo to the California Insurance Commissioner's office, The WCIRB basically said the claims cost benchmark showed an overall claims cost increase of 21.1%.
I am a little confused over why the WCIRB did not at least make a recommendation for an increase if the overall cost of claims increased over 20% for 2009. Did the WCIRB realize that they will be turned down once again by Commissioner Poizner's office?
In analyzing the data at the WCIRB website, unless I am mistaken, the medical part of the claims costs in CA is spiraling upward.
In my last post, I said that I would comment on what might happen to the California's Workers Comp insurance environment if increases are needed in the pure premium rates, but instead are held steady. I will comment on this in my next post.
I am a little confused over why the WCIRB did not at least make a recommendation for an increase if the overall cost of claims increased over 20% for 2009. Did the WCIRB realize that they will be turned down once again by Commissioner Poizner's office?
In analyzing the data at the WCIRB website, unless I am mistaken, the medical part of the claims costs in CA is spiraling upward.
In my last post, I said that I would comment on what might happen to the California's Workers Comp insurance environment if increases are needed in the pure premium rates, but instead are held steady. I will comment on this in my next post.
Labels: WCIRB Recommends No Rate Change
posted by James J Moore at 7:27 PM
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