Today’s issue of WorkCompRecap features the California WCIRB, who announced that their actuarial committee recently met to review December 31, 2011 statewide insurer premium and loss experience and related information. Nearly 50 showed up to the public meeting, which marked the beginning of the Committee’s review of 2011 experience, which ultimately forms the basis for any future recommended changes to the average advisory pure premium rate benchmark.
Key findings discussed in the meeting included the fact that both indemnity losses and medical losses for accident years 2009 and 2010 continue to show atypically high loss development. WCIRB’s Chief Actuary made the point that figuring out the drivers of the abnormal frequency change in 2010 is critical, and it’s not clear whether it was a one-time anomaly primarily due to the recession, or an indicator of a major shift in the decades-long pattern of declining claim frequency in California.
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