Rates News

Amwins Report Keys on Disruption in Cannabis Space

The disruption in the cannabis space is having an impact on that insurance specialty from coast to coast, a new report out from Amwins shows. The report, Amwins State of The Market Report 2023: A Focus on the Cannabis Market, …

$1.5M for California Homeowners Overcharged Under Wildfire Risk Score

Kemper Independence Insurance Co. has issued more than $1.5 million in refunds to thousands of California homeowners after the California Department of Insurance found the carrier overcharged policyholders for wildfire risk. Kemper and its affiliate insurance company, Unitrin Auto and …

Insuring Cannabis Summit: 2023 Bringing Lawsuits, Higher Property Rates, More Products

An increase in new markets, and better brand recognition and distribution from existing markets, has led to more competition in the insuring cannabis space. That’s a good for the insurance consumer, and that trend seemed to please a group of …

Washington Proposes 4.8% Workers’ Comp Increase for 2023

The Washington Department of Labor & Industries is proposing a 4.8% increase in the average price employers and workers pay for workers’ compensation insurance in 2023. Employers and workers would jointly pay an additional $61 a year on average for …

Takeaways from Our Conversation on Insuring Cannabis in 2022

Insurance rates in key lines for cannabis businesses may be heading up 10% or more next year. That was one of the predictions made by an expert in the final Insuring Cannabis podcast of the year in which we interviewed …

California Announces Workers’ Comp Temporary Total Disability Rates for 2022

California’s Division of Workers’ Compensation announced that the 2022 minimum and maximum temporary total disability rates will increase on Jan. 1, 2022. The minimum TTD rate will increase from $203.44 to $230.95 and the maximum TTD rate will increase from …

Washington Proposes 3.1% Increase in Workers’ Comp Rates for 2022

The Washington Department of Labor & Industries is proposing an increase in the average price employers and workers pay for workers’ compensation insurance next year. If the proposal is adopted, it would be the first time in five years that …

California Commissioner Lowers Workers’ Comp Benchmark

California Insurance Commissioner Ricardo Lara lowered the workers’ compensation insurance benchmark rate by 5 cents to $1.41 per $100 of payroll effective Sept. 1. Lara’s decision results in an average advisory pure premium rate that is below the $1.50 average …

California Workers’ Comp Report: Private Self-Insured Indemnity Claim Frequency, Paid & Incurred Losses Spiked in 2020

Workers’ comp claim frequency among California’s private self-insured employers rose in 2020, fueled by a big increase in the incidence of indemnity claims, offsetting a decline in medical-only claim frequency, according to a new report from the California Workers’ Compensation …

Record Closed on California Workers’ Comp Pure Premium Rate Filing

The Workers’ Compensation Insurance Rating Bureau of California wrapped up testimony on Wednesday at a California Department of Insurance public hearing regarding the WCIRB’s Sept. 1, 2021 pure premium rate filing. The filing was submitted to the CDI in April …