California workers compensation insurance companies have been passing along only about two-thirds of the costs savings they've seen in recent years, according to state insurance commissioner John Garamendi, and should further reduce their rates in the coming months.
Data collected by the California Department of Insurance, he said, shows that the costs of claims have been reduced by approximately 36.5 percent since the first legislative reforms were enacted under Gov. Gray Davis in 2003.
"The overall result of those reforms is a plunge, not a fall, not a dramatic decrease, a plunge in the costs of workers' compensation claims," said Mr. Garamendi
Want to continue reading?
Become a Free PropertyCasualty360 Digital Reader
Your access to unlimited PropertyCasualty360 content isn’t changing.
Once you are an ALM digital member, you’ll receive:
- Breaking insurance news and analysis, on-site and via our newsletters and custom alerts
- Weekly Insurance Speak podcast featuring exclusive interviews with industry leaders
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical converage of the employee benefits and financial advisory markets on our other ALM sites, BenefitsPRO and ThinkAdvisor
Already have an account? Sign In Now
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
