National Liability & Fire Insurance Company’s average rate decreases by -28.32% — effective 1/1/2020
National
Liability & Fire Insurance Company has filed with
the California Department of Insurance to revise its base rates for workers’
compensation policies effective January
1, 2020. 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 January
1, 2020
for this issuing company is changing compared to the prior policy period:
Issuing Company
|
Average Rate
Eff 1/1/2019
|
Average Rate
Eff 1/1/2020
|
% Change
|
National
Liability & Fire Insurance Company
|
10.17
|
7.29
|
-28.32%
|
*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 National
Liability & Fire Insurance Company’s individual
rates are changing compared to the prior policy period:
Class - Description
|
Advisory Rate
Eff 1/1/2019
|
Advisory Rate
Eff 1/1/2020
|
% Change
|
8820
- Attorneys
|
0.61
|
0.68
|
11.48%
|
7219
- Trucking Firms
|
15.54
|
12.18
|
-21.62%
|
9079
- Restaurants/Taverns
|
6.46
|
4.45
|
-31.11%
|
5403
- Carpentry—low wage
|
28.91
|
19.87
|
-31.27%
|
5432
- Carpentry—high wage
|
10.67
|
7.3
|
-31.58%
|
42
- Landscape Gardening
|
14.55
|
9.25
|
-36.43%
|
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.
Have you seen our new product?
Carrier Market Share Report – Know the top carriers for
any market segment.
How can WorkCompare.com help?
A
WorkCompare.com pre-quote estimate will help you quickly analyze pricing and
appetite for 100+ California admitted workers’ compensation companies. Click to learn more:
Watch a quick VIDEO about WorkCompare.com.
Get an ExMod - What makes it different on
WorkCompare.com?
Submit Now - How does WorkCompare.com Marketing
Services Work?
Click
here to join our mailing list.
Login to Get an Estimate or
Get and ExMod on WorkCompare.com.
Or, register for a free 24-hour
trial period.
WorkCompare.com – Maximize every sales opportunity.
Optimize all your marketing efforts.