Dramatic Expansion of Experience Rating System Floated

Changes now under consideration could double or even triple the number of experience-rated employers in California. The Workers’ Compensation Insurance Rating Bureau is researching changes that would give X-Mods to 250,000-300,000 small employers or more. The small employers are mostly claim free risks that would see a 5% credit mod, but those with workers’ comp … Read More »

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Workers’ Comp and COVID: Dodging A Bullet?

In the early days of the COVID-19 outbreak, industry actuaries and workers’ comp claims professionals discussed the pandemic’s likely impacts on the workers’ comp system. There were wild swings in projections from the unbelievable and unrealistic to something else. Expectations were high that workers’ comp premium would drop significantly due to massive job losses as … Read More »

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Emergency Regulations For COVID-19 Claims In The Works

The Workers’ Compensation Insurance Rating Bureau hopes to have emergency regulations ready for Insurance Commissioner Ricardo Lara in a matter of weeks to outline how the industry will handle COVID-19 related claims for experience rating and rate-making purposes. The designated statistical agent is also working with its committees and the industry to identify the direct … Read More »

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Mid-Year Rate Filing

Against the backdrop of a possible wave of post-termination cumulative trauma claims, and amid growing pressure from organized labor and worker advocates for a presumption that COVID-19 infections are work-related, the Bureau made a decision.  The Workers’ Compensation Insurance Rating Bureau’s Actuarial Committee decided against making a mid-year rate filing. Actuarial reviewed the year-end 2020 … Read More »

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Workers’ Comp Loss Ratio Continues Improvement

The Workers’ Compensation Insurance Rating Bureau’s Actuarial Committee will meet next week to give a second look at the industry’s latest workers’ comp claims experience. It will soon be making a recommendation on a mid-year filing. At first blush, however, a mid-year rate cut appears promising. The committee gave the data an initial review earlier … Read More »

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Combined Ratio Climbs 17 Points In 2009

The rapid decline in earned premiums in California’s workers’ comp market pushed carrier’s combined ratio well into the triple digits last year, ultimately clocking in at 118.2, according to preliminary data from the Workers’ Compensation Insurance Rating Bureau. State Compensation Insurance Fund ended 2009 with a combined ratio of 161.5. The uptick came as earned … Read More »

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2009 Experience Shows Economic Impact

Getting their first look at the full-year 2009 experience for workers’ comp carriers in California, the Workers’ Compensation Insurance Rating Bureau’s actuarial committee heard about a twofer: the steep decline in earned premium, and a steady uptick in indemnity. But there was some minor good news in the data on the medical front. “What jumps … Read More »

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