"Savings for workers' compensationinsurers continue and all of those savings ought to be shared withemployers," Commissioner Jones said in a press release. (Photo:Shutterstock)
Insurance Commissioner Dave Jones adopted andissued a revised advisory pure premium rate, lowering the benchmarkto $1.63 per $100 of payroll for workers' compensation insurance,effective Jan. 1, 2019. Commissioner Jones has reduced the advisorypure premium rate by about 42% since January 2015.
|The indicated advisory pure premium rate level of $1.63 approvedby the Commissioner is about 23.5% lower than the industry filedaverage advisory pure premium rate of $2.13 as of July 1,2018.
|Related: Calif. insurance commissioner lowers workers' comprates
|Pass the savings
Commissioner Jones' decision results in an advisory pure premiumrate that is below the $1.70 average rate recommended by theWorkers' Compensation Insurance Rating Bureau (WCIRB) in itsfiling. The WCIRB's pure premium advisory rate filing demonstratedcontinued decreases in California's workers' compensation insurance market. Thepure premium advisory rate reduction is based on insurers' costdata through June 30 of this year.
|"Savings for workers' compensation insurers continue and all ofthose savings ought to be shared with employers," CommissionerJones said in a press release. "Cost savings in the workers'compensation system have helped insurers and employers deserve toshare in the cost savings through lower premiums. I renew my callon workers' compensation insurers to pass along savings toemployers."
|Related: New workers' comp. program announced for cannabisindustry in Calif.
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