The average cost of an indemnity claim is now over $60,000! Why? There are many factors as to why costs are increasing so much. These are but a few: Increased medical costs More medical procedures being requested Early Return to Work is not as available, due to economic times Litigation One of the biggest factors
The Workers' Compensation Insurance Rating Bureau of California (WCIRB) issued a statistical report on August 26, 2010 that shows the average cost of an indemnity claim reached $60,253 in 2009 -- of which $19,682 was spent on indemnity and $40,571 was spent on medical costs. In comparison, the 2005 average cost
It is unfortunate that the Commissioner of Insurance (Poizner) has repeatedly ignored previous suggestion of rate increases as it would hurt his chances of being Governor, but since he has ignored the warnings of the Workers Compensation Insurance Rating Bureau (WCIRB) (which is an apolitical, quasi-governmental actuarial department) it has