Today’s issue of WorkCompRecap features recent testimony delivered by California’s WCIRB regarding their recent July 1, 2012 Pure Premium Rate Filing. WCIRB President and CEO Bill Mudge and Chief Actuary Dave Bellusci were at a California Department of Insurance (CDI) public hearing to discuss the most recent filing, which reflected a 4.1% increase over January’s.
In opening statements, the WCIRB cited the effects of disparity between claim cost growth and growth in wage level since 2005 as a primary factor leading to the increase. Additionally the WCIRB pointed to deteriorating loss development as the most significant factor, noting that ultimate loss ratios for the last several years had increased significantly between March and December 2011.
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