Posted on 06/28/2004 8:35:52 AM PDT by NormsRevenge
For the first time in years, workers' compensation insurance rates are heading south - declining an average 13.8 percent in the past six months.
But the reductions, fueled by two major overhauls of the beleaguered state-run program, fall short of earlier forecasts, including a 25 percent to 30 percent decrease predicted by Gov. Arnold Schwarzenegger in April.
The quasi-public State Compensation Insurance Fund, the state's largest carrier with more than 50 percent of the market, has cut premiums an average 9.7 percent in 2004. It's a decision that has disappointed Democratic lawmakers and Insurance Commissioner John Garamendi.
Everest National Insurance Co., the No. 2 carrier in the state, lowered rates by 7.47 percent this year, according to the company's rate filing with the state. The third-largest insurer, Zenith Insurance Co., is reducing rates by 10 percent.
"The rate cuts should have been bigger. I am quite surprised that (State Fund) didn't lower their premiums a little more. That's a big signal to the market," said Frank Neuhauser, a workers' compensation expert at the University of California, Berkeley.
(Excerpt) Read more at sacbee.com ...
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Still received my CIGA surcharge on Friday.
Still sticking it to the little guy!
What a curse on the CA economy!!!
PING
My rate was lowered for 69% to 55%.Big deal! Four years ago it was 19% and I still have no claims.It's a start. A 1/2 a$$ start.
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