Workers Compensation Changes In the Industry
California Insurance Commissioner Dave Jones’ pure premium rate decision was released Friday night. That was in order to avoid general media attention or scrutiny. It was also issued in a meaningless – to actual people or most general media reporters’ – hyperbole. And that’s too bad because it was a deeper more meaningful decision than most of will realize. Commissioner Jones has acted to protect both businesses and carriers.
Let’s get to the point: For California businesses with an expiration dates of January 1st or later the actual average overall rate increase is some 15.64%. That means over the actual approved January 2012 rates and that comes out to 6.81% or nearly 7% over the actual approved July 2012 rates. Insurance polices are annual so most California employers can expect that 15% increase, and fewer credits. Workers’ Comp Executive reached these numbers by comparing the actual approved overall increases or decreases of all of the January 1st, 2012 rates to the approved January 2013 rates, ditto with the 7/12 to 1/13 rates.