Workers' comp rates down by 37.7% - 2006-01-12 - Sacramento Business Journal

Workers' comp rates down by 37.7% - 2006-01-12 - Sacramento Business Journal: "

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Sacramento Business Journal - 3:06 PM PST Thursday
Workers' comp rates down by 37.7%
Workers' compensation rates have fallen a cumulative 37.7 percent since system reforms went into effect in January 2004, Insurance Commissioner John Garamendi said Thursday.
A list of the cost saving by insurance carriers was sent to Legislative leaders on Thursday. Garamendi's office had recommended insurers cut rates by 46.24 percent.
Twice each year the Commissioner assesses the state of the workers' compensation system and issues a pure premium advisory rate. While many insurers use this as a benchmark, they are not required to follow the recommendation.
According to the latest data available from the Workers' Compensation Insurance Rating Bureau, the actual rates charge to employers by insured decreased by 32 percent between January 2004 and Sept. 30, 2005. "