WCIRB Recommends 30% Work Comp Rate Increase

Some people have already criticized this roundly.

Suffice to say, when this gets hashed out, there will be rate increases coming. It would look as if the Work Comp reforms of Governor Arnold are all but obliterated.

Quoting the Worker’s Comp Executive:

“It’s going to be in the ball park of 30%,” chief actuary Dave Bellusci tells Workers’ Comp Executive. “But I wouldn’t be surprised if it’s over.” Workers Compensation Insurance Rating Bureau (WCIRB) staff still has to finalize the calculations before preparing a pure premium advisory rate recommendation for the Governing Committee, it says, so the final numbers could still change a bit. But a 30 point increase is the general consensus of its Actuarial Committee. This comes against a backdrop where the WCIRB’s veracity and integrity are continuing to come under question.