On Tuesday I spoke at the Department of Workers Compensation conference. Dave Belluschi from the Workers Compensation Insurance Rating Board also was a speaker and he reported that he expects that combined loss ratio for workers compensation for 2009 was going to be around 125%. The combined loss ratio for 2008 was 111%. As I have said before at some point there is going to be double digit increases for small businesses for their comp insurance.
You all may know that there is a movement afoot to put a measure on the ballot to suspend implementation of AB 32.The measure will delay implementation until California’s unemployment drops to 5.5% for a year. Currently the unemployment rate is just over 12%.
Yesterday Valero Energy Corp and Tesoro Corp Texas based refiners have pledged $2 million to get signatures to put this on the ballot. What are your thoughts on this?
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