Before SB 863 passed, the Workers? Compensation Insurance Review Board (WCIRB) crunched all of the numbers and, based on current data, recommended an average Work Comp rate increase of 12.6%. After taking into account a good chunk of the provisions included in SB 863 (but not all of them), the WCIRB estimates a revised recommended rate increase of 11.5%. According to the WCIRB, Workers? Compensation Reform will only account for a 1% difference in costs on the average for 2013.
Two things are important to note:
- The 11.5% increase is an average of all industry class codes ? some will increase more, some will increase less, some will stay the same and some may even decrease. But all of that activity will average out to an overall increase of 11.5%.
- That increase is just an estimate of a recommendation. What does that mean? The WCIRB recommendation first goes to the Insurance Commissioner who decides whether to accept it or revise it before publishing. Then, each individual insurance company can look to it for guidance, but ultimately set their rates wherever they want to.
Contact us if you?d like to get an idea of what the rates for your specific Workers? Compensation Class Codes might be doing next year.
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