San Francisco, CA – The WCIRB’s Actuarial Committee will meet on April 2, 2012 to continue its review of recently reported December 31, 2011 statewide insurer premium, loss and loss adjustment expense experience. The complete Agenda for the meeting, including start time and location, can be found in the About the WCIRB section of the website.
Highlights of the summary information included in the Actuarial Committee Agenda are:
- Allocated loss adjustment expenses continue to rise. The estimated ultimate accident year allocated loss adjustment expense per indemnity claim of $11,400 is almost double the accident year 2005 amount.
- The industry average filed pure premium rate as of January 1, 2012 is $2.41, which is approximately 2% above the July 1, 2011 average of $2.37.
- The industry average filed manual rate as of January 1, 2012 is $3.39, which is approximately 4% above the July 1, 2011 average of $3.27.
- The number of late reported indemnity claims continues to increase. The number of reported accident year 2010 indemnity claims grew by 22% between year-end 2010 and year-end 2011. The number of reported accident year 2006 claims grew by only 12% for the comparable 2006 to 2007 period.
- The number of cumulative injury claims has been increasing. The WCIRB preliminarily estimates that 10% of accident year 2010 indemnity claims will involve cumulative injury, up from 6.6% in 2006.
An update on the April 2, 2012 Actuarial Committee meeting will be provided shortly following the meeting.
Source: CA WCIRB