Santa Barbara Commercial Insurance Brokers

Level Property/Casualty premiums will be welcome news to businesses in the U.S. This will be meaningful to employers given the projected increases in health insurance costs.

The news for 2015 regarding insurance is good for business owners. The “hard market”, which never brought the severely increased insurance pricing most anticipated, is nearly over.

The Insurance Commissioner approved a 2.2% hike in the average Workers’ Compensation pure premium rates for 2015. The decision was 1.2% below what the insurance industry was seeking as an increase.

The Workers’ Compensation Insurance Rating Bureau of California, or WCIRB, has recommended a 22.8 percent increase for policies written or renewed after Jan. 1, 2010.

State Insurance Commissioner Steve Poizner opposes the proposed rate increase, saying that California employers simply can’t afford the increase given the weakness of the economy and the state’s high unemployment rate.