The Workers’ Compensation Insurance Rating Bureau of California’s governing committee on Wednesday voted to authorize the WCIRB to submit a September 1, 2025 Pure premium rate filing on average 11.2% percent above the average approved September 1, 2024 advisory pure premium rates.

The proposed advisory pure premium rates are based on insurer losses and loss adjustment expenses incurred during accident years 2024 and prior valued as of December 31, 2024.

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WCIRB Executive Vice President and Chief Actuary Tony Milano noted that on average, the proposed September 1, 2025 advisory pure premium rates are higher than the advisory pure premium rates proposed by the WCIRB in the September 1, 2024 filing.

According to Mr. Milano, the more notable drivers of the change were increased medical loss development, increased frequency of cumulative trauma claims, higher average medical costs and higher allocated loss adjustment expenses.

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The WCIRB expects to submit its September 1, 2025 Pure Premium Rate Filing to the California Department of Insurance by the end of April. The CDI will schedule a public hearing to consider the filing.

Topics
California
Workers’ Compensation