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State Fund Today

Our New Pricing Structure

State Fund
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In 2022, we submitted a rate filing to the California Department of Insurance (CDI) proposing several enhancements to our current pricing structure. CDI accepted the rate filing, and on January 15, we implemented a new pricing model for policies with effective dates of March 15, 2024, and beyond.

This new model delivers greater tailoring to our pricing, adding factors that allow us to focus on the distinct characteristics of each employer and deliver targeted pricing for your State Fund clients.

A few of the updates you’ll see: 

 1. Additional factors will help tailor pricing to each unique business:

  • Loss Cost Multipliers (LCM) provide a broad range of base rates instead of one base rate per class of business. Our LCM plan creates seven base rate levels for each class code and assigns the base rate level according to the employer’s risk characteristics.
  • Territory Rating Modifiers, both by geography and industry segment, further increase the spread of outcomes for a business and enhance the accuracy of pricing. Our new pricing structure expands the number of territories in California to eleven and adds industry-specific variations, resulting in 22 unique factors.
  • Tier Modifiers add more detailed, employer-specific elements, such as historical data, years of loss experience, and tiers for policy maturity and premium size.

  2. More flexibility in pricing allows us to be well-positioned in the marketplace:

  • With pricing tailored to the risks of each business, we’re now able to serve even more California employers with more competitive rates, in addition to the best-in-class services you’ve come to expect from our team of experts.

Please contact your senior marketing representative or call (800) 834-2393 with questions.