2015 California Workers' Compensation Increasing Again

By Premier Professionals on Dec 07, 2014 at 03:36 PM in Santa Barbara Commercial Insurance Brokers
2015 California Workers' Compensation Increasing Again
Donna Eyman
Eyman Parker Insurance Brokers, Inc.

article by Donna Eymman, Commercial Insurance Broker

Most indications over the past 2 years showed that Workers’ Compensation premiums would increase throughout 2014 and 2015.
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.

Of course, the price individual employers actually pay varies widely based upon the industry, exmod, amount of payroll and claims history.
Claims data for the second quarter this past year resulted in better than expected results. The industry is hoping that SB 863 reforms will produce greater savings on medical costs.

State Fund has already announced no pure premium rate increase for January 1 business. Some other carriers have reported as follows: 

Berkshire Hathaway Group filed a 2.2% rate increase effective January 1, 2015 on pure premium rates

QBE Insurance Group filed a 3.4% increase
ICW Group filed a 0% increase
Markel Group filed a 9.3% increase
Overall, the news for WC in 2015 is good and will be a relief to many employers.

Donna A. Eyman
Eyman Parker Insurance Brokers, Inc.
James G. Parker Insurance Associates, Inc.
2020 Chapala, Santa Barbara, CA 93105
P: 805-563-7477 License #0E44216
C: 805-455-2441