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Workers' comp rates recap, Q2'17

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Workers' comp rates recap, Q2'17

State Compensation Insurance Fund received approval for what may have been the most-impactful rate decrease nationwide during the second quarter, an S&P Global Market Intelligence analysis of approved workers' compensation rate filings reveals.

The California insurer of last resort requested an 8% rate cut in the Golden State that may result in a $129.0 million decrease in written premiums. As of year-end 2016, State Fund was the largest workers' compensation underwriter in California, having written $1.61 billion in direct premiums that year, according to statutory data. The new rate would go into effect statewide on Sept. 1 for both new and renewal business.

A majority of the most-impactful workers' compensation rate decreases in the quarter were approved by regulators in California. This includes five Berkshire Hathaway Inc. subsidiaries that received a 5.0% rate cut. American Financial Group Inc. units also received approvals from California that could lead to $12.3 million worth of premium decreases in the state.

This analysis includes 1,390 workers' compensation rate filings approved by regulators during quarter-ended June 30. Of those filings, 813 were for rate decreases and 161 were for rate increases. The remainder of the filings will have no impact on calculated premiums.

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Click here for a template providing rate changes for a select entity, state or type of insurance over a selected time period. With this template, users can also view information on each filing along with key metrics related to premiums, approval time and affected policyholders.

Click here for a webinar with information on the resources SNL has available regarding rate filings.