“Unprecedented” Underwriting Profits For Workers’ Comp
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Tagged in: WCIRB
WCIRB Considers Rate Increase
The Workers’ Compensation Insurance Rating Bureau’s Governing Committee will meet later this morning to deliberate about its upcoming September 1, 2022, advisory pure premium rate filing. The agency’s staff will likely recommend increasing California workers’ comp rates again. Earlier attempts were rebuffed by Insurance Commissioner Ricardo Lara and the actuaries at the California Department of …
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Long Covid Suspected In 11% Of Mild Cases
The Workers’ Compensation Insurance Rating Bureau says that roughly one out of every ten workers’ comp claims involving mild infections for Covid-19 were still requiring medical treatment four months later. In severe and critical cases, the prevalence of so called “long Covid” was much higher at 36% and 40%, respectively, according to a new report. …
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New Companion Classes, Experience Rating Changes Proposed
The Workers’ Compensation Insurance Rating Bureau’s governing committee approved making a regulatory filing to create a new companion class for two classifications in the Electronics Industry Group. The filing will also bring changes to the experience rating plan that would allow Covid-19 claims to factor into an employer’s X-Mod. The Bureau is a private organization …
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Class Rate Changes Impacted By LDG Update
The Workers’ Compensation Insurance Rating Bureau’s actuaries have updated the class analysis for the state’s 500+ workers’ comp classifications, and the results show larger swings for more classes. Driving much of the volatility this year was an update to the loss development groups (LDG) that each classification is assigned to for loss development purposes. The …
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New Legal Leader At California’s WCIRB
The Workers’ Compensation Insurance Rating Bureau says goodbye to its long-term chief legal officer Brenda Keys next month, but the Bureau has a ready replacement transitioning. The Bureau’s Governing Committee approved the promotion of Kristen Marsh (see photo) from managing counsel to chief legal officer effective April 1st. The Bureau is a private organization with …
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State Fund Adjusts Filing As Premium Grows
State Compensation Insurance Fund reports that its net workers’ comp premium earned last year jumped 21.7% as payrolls at California businesses recovered from pandemic-induced shutdowns. However, company officials note that its calendar year loss and loss adjustment expense ratios are both up nearly 5 points (see chart). The financial news will be presented to its …
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Key WCIRB Official Retiring
The Workers’ Compensation Insurance Rating Bureau is losing a “Key” member of its executive team next month. Senior vice president and chief legal officer Brenda Keys (see photo) is retiring after nearly 35 years with the organization. Keys sat down exclusively with Workers’ Comp Executive to reflect on a satisfying career spent dealing with issues …
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