SAN DIEGO -- Though workers' compensation premiums in California aren't as high as they used to be, CUSIG Chair Virginia Wade still drew hearty cheers when she announced 2008's premium rate of $.99 per $100 of payroll at the groups annual meeting yesterday.

CUSIG's rate is roughly half the going market rate for workmen's comp coverage in the litigious Golden State.

How do they do it? According to reports presented at the meeting, two main factors facilitated the rate reduction. First, member credit unions have better prevention, education and claims management programs in place, which has lowered individual claim amounts. Average payout per claim in 2007 was only 30% of the 2005 average.

And, CUSIG's actuary calculations are increasingly based on the group's actual claims, rather than state averages applied to new groups with little or no performance history.

CUSIG Chair Emeritus Ed Cassidy said his member credit unions perform much better than their peers, and premiums should continue to lower for a few more years as actuary calculations continue to place more weight on actual CUSIG claim histories.