Valley Forge Insurance Company has filed with
the California Department of Insurance to revise its base rates for workers’
compensation policies effective February 1, 2019. This change has a direct effect on the price
policyholders pay for coverage.
How will this affect pricing?
Consider
how the average rate* effective for February 1,
2019 for this issuing company is changing compared to the prior policy
period:
|
Issuing Company
|
Average Rate
Eff 2/1/2018
|
Average Rate
Eff 2/1/2019
|
% Change
|
|
Valley Forge Insurance Company
|
8.89
|
7.47
|
-15.97%
|
*Average
rate calculation does not include per capita or per race rates (7707 –
Firefighters – volunteers, 7722 – Police, Sheriffs – volunteers, or 8278 –
Jockeys).
Will policyholders pay less if the average rate decreases?
It
is important to keep in mind that not all rates will change uniformly. Rates
for some policyholders could go up and some could go down. To make a fully
informed buying decision, you will need to know exactly how pricing will change
for your specific policy.
For
example, the table below shows how some of Valley
Forge Insurance Company’s individual rates are changing compared to the
prior policy period:
|
Class - Description
|
Advisory Rate
Eff 2/1/2018
|
Advisory Rate
Eff 2/1/2019
|
% Change
|
|
8742 - Salespersons—outside
|
0.71
|
0.6
|
-15.49%
|
|
8601 - Engineers—consulting
|
0.57
|
0.46
|
-19.30%
|
|
8018 - Stores—wholesale
|
9.63
|
8.15
|
-15.37%
|
|
3681 - Instrument Mfg—electronic
|
1.5
|
1.23
|
-18.00%
|
|
8017 - Stores—retail
|
5.87
|
4.94
|
-15.84%
|
|
7600 - Telecommunications Companies
|
9.74
|
10.34
|
6.16%
|
What should I do with this
information?
If
you are an employer or insurance buyer,
ask your agent or broker for a pre-quote estimate that illustrates how these
changes will affect your budget. If your
rates are going down you could save money.
If they are increasing, you will need to plan accordingly.
If
you are an insurance professional
(agent, broker or underwriter), share this information with your clients
and offer to provide pricing insight. Understanding exactly how these changes
affect pricing could impact how you market your renewals.
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