The Workers' Compensation Insurance Rating Bureau is advising insurers to drop their premiums by about 10% beginning in July. The official recommendation, expected Friday, is based on statistical data confirming that the cost and frequency of injury claims have dropped. The move provides insurers with a voluntary benchmark for policies that begin or renew in the second half of 2005 and could result in the first double digit decline following a two year effort to revamp workers' comp in California.
See "Workers' Comp Rate Cut Urged", Marc Lifsher, Los Angeles Times, March 23, 2005