Hartford Insurance Company Of The Midwest’s average rate decreases by -2.32% — effective 7/15/2019
Hartford
Insurance Company Of The Midwest has filed with
the California Department of Insurance to revise its base rates for workers’
compensation policies effective July
15, 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 July
15, 2019
for this issuing company is changing compared to the prior policy period:
Issuing Company
|
Average Rate
Eff 7/15/2018
|
Average Rate
Eff 7/15/2019
|
% Change
|
Hartford
Insurance Company Of The Midwest
|
9.92
|
9.69
|
-2.32%
|
*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 Hartford
Insurance Company Of The Midwest’s individual
rates are changing compared to the prior policy period:
Class - Description
|
Advisory Rate
Eff 7/15/2018
|
Advisory Rate
Eff 7/15/2019
|
% Change
|
2501
- Clothing Mfg
|
12.26
|
14.8
|
20.72%
|
5191
- Office Machine Install/Repair
|
4.8
|
5.26
|
9.58%
|
8820
- Attorneys
|
0.6
|
0.62
|
3.33%
|
8018
- Stores—wholesale
|
11.19
|
11.03
|
-1.43%
|
8017
- Stores—retail
|
6.56
|
6.43
|
-1.98%
|
9079
- Restaurants/Taverns
|
6.93
|
6.35
|
-8.37%
|
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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