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Another Reduction in Workers’ Compensation Pure Premium Rates for California
Greg Fears August 28, 2018 Posted in: Blog Posts, Workers’ Compensation
Reforms to the California workers’ compensation system implemented over the past few years have led to moderating trends in both claim frequency and claim severity. The upward trend expected in future average wage levels is also serving to lower pure premium rates. Given the relative stability in costs over the past several years, the reduction in the average pure premium rates should contribute to a healthy, vibrant and competitive market.
Significant Reductions in Workers’ Compensation Pure Premium Rates for California
Another big California workers’ compensation rate reduction is coming, effective mid-year 2018. This will be the seventh straight decrease, with the last reduction taken January 1, 2018.

This past week, the Workers’ Compensation Insurance Rating Bureau of California (WCIRB) approved and released the pure premium rate filing, effective July 1, 2018. This rate reduction has not yet been approved by the California Department of Insurance, and is open to a public comment period and hearing.

Reflections on the 2017 Florida Chamber of Commerce Insurance Summit
Terry Wright March 27, 2017 Posted in: Blog Posts, General
This year’s Florida Chamber of Commerce Insurance Summit was well attended by insurance professionals from across the country, Florida legislators and numerous stakeholders. Key discussion topics included reforms in Workers’ Compensation (WC), assignment of benefits (AOB), Personal Injury Protection (PIP) and the Florida Hurricane Catastrophe Fund (FHCF). Another important subject of discussion was the need to better educate Floridians living in flood zones about the importance of purchasing coverage. Art Randolph, Principal and Consulting Actuary with Pinnacle Actuarial Resources, Inc., was a panel member and spoke to Summit attendees about the determination of actuarially sound rates.
Highlights from the 2016 California Workers' Compensation & Risk Conference
Multiple October 25, 2016 Posted in: Blog Posts, Workers’ Compensation
Co-authored by Jing Liu and Laura Maxwell.
Pinnacle Actuarial Resources, Inc. Consultants recently attended the California Workers' Compensation & Risk (CWC & Risk) Conference in Dana Point, CA. Participating in this event is a great way to keep up with changes in the workers' compensation market in the state of California. There were over 1,500 attendees, and the exhibitors included law firms, third-party administrators (TPAs), healthcare service providers and injury prevention companies. CWC & Risk 2016 focused on new workers compensation legal requirements and cost-containment challenges faced by California employers.
Higher Workers Compensation Rates for Florida
The Florida Office of Insurance Regulation (FLOIR) reached a decision this week on the rate impact of the recent Supreme Court rulings on workers compensation by granting contingent approval of a 14.5% rate increase effective December 1, 2016.
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