California (2021, November 17) - The third quarter just ended, and California agreed to expansive workers' compensation rate cuts.
These cuts were the most extreme out of any created by any state in the country. In total, there were ten that you should notice that will impact thousands of workers across California. This information comes directly from the S&P Global Market Intelligence team.
The Travelers Property Casualty Company had the most incredible reduction. They dropped their rate by 5.6%, reducing the premium by over $24 million. This massive change will likely affect over 30,000 individuals who have a policy with the insurance provider. You must contact a work injury attorney San Bernardino-based as soon as possible to navigate these difficult circumstances.
Great American Holding Incorporated approved over four reductions in their workers' compensation policy rate reductions. In total, these will lower the premiums by over $9.3 million. Again, the S&P Global Market Intelligence team did notate these reductions in their list of the most dramatic for the third quarter.
Illinois had a significant number of workers' compensation insurance providers who reduced their rates during the third quarter too. In total, both California and Illinois agreed to 48 decreases, but the former had more dramatic results that will affect thousands of employees and employers.
In total, all of the reductions in California will equate to an $86.5 million reduction in premium amounts. In Illinois, there is a decrease of $23 million. Do note that these reductions seem to be better than premium increases, however. They increase the costs of premiums, meaning employers are more hesitant when approving workers' compensation benefits.
Rawa Law Group seeks to help individuals who require workers' compensation benefits. They want to help you understand these new laws that will affect your employer's premiums. They will be with you to navigate the processes that will come up when you file your next workers' compensation claims with these new financial numbers. You still deserve your full benefits, no matter the reductions or increases that exist within the government.
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