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Analysis: CA Work Comp Insurance 2012 Mid-year rate proposal equals an average pure premium rate increase of 47.33%

Author EdwardMurayama , 4/19/2012

Analysis: CA Work Comp Insurance 2012 Mid-year rate proposal equals an average pure premium rate increase of 47.33%

On April 12, 2012, the Workers’ Compensation Insurance Rating Bureau of California (WCIRB) proposed new pure premium rates for businesses that renew their workers’ compensation insurance starting July 1, 2012.

Keep in mind that pure premium rates are not necessarily what a carrier will charge a policyholder on July 1st. A pure premium rate is simply the amount the WCIRB expects carriers’ to pay for claims, losses and loss adjustment expense based on the kind of work a person does. The proposed pure premium rates do not contemplate the other things insurance companies need to pay, like salaries to underwriters, commissions to brokers or dividends to shareholders.