In an advisory rate finding decision sure to please California employers, Insurance Commissioner Steve Poizner yesterday rejected the Workers’ Compensation Insurance Rating Bureau’s recommendation that insurers increase comp rates.
You can see the decision here:
http://www.insurance.ca.gov/0400-news/0 … /Decision_
The WCIRB’s forecasts have often been way off the mark. They’re a gang that can’t shoot straight. Once again Poizner takes them to the woodshed. It’s a script that will play well in his 2010 gubernatorial
But there are stories within stories.
Poizner notes the exceptional profitability of California’s comp insurers at this time. He urges further premium reductions to pass along more savings to employers.
But Poizner makes no mention of the pitiful percentage of premium dollar paid for worker benefits. Here are some stats and charts to remind you about the scope of the problem:
http://www.workerscompzone.com/index.ph … 518-115548
Category: Political developments