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​ WCIRB Insurers Outvote Public Members, Don't Propose Midyear WC Rate Filing Decrease!

Friday, April 19, 2019   (0 Comments)
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WCIRB Insurers Outvote Public Members, Don't Propose Midyear WC Rate Filing Decrease!

The WCIRB actuarial committee had proposed that the Advisory WC rate could be reduced by 3.7% for July 1, 2019. The public actuary, Mark Priven, had proposed an even lower number, 6.2%. The insurer members of the Governing Committee used their superior numbers to hold off any mid year filing.
 
They cited concerns over Pharmaceutical cost reductions that can't be maintained, Medical Inflation, and continued high Loss Adjustment Expenses.The good news is that workers' compensation costs are continuing to decrease.
 
Those whose renewals are mid year 2019, can have discussions with their brokers and advisers regarding the fact that costs are reducing in the range of 4% to 6% for 2019.

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