Today’s issue of WorkCompRecap features the California WCIRB’s recent announcement that it will forgo a July 1, 2014 rate filing. In the recent governing committee meeting, Exec VP and Chief Actuary David Bellusci noted that the actuarial committee found year-end 2013 experience was a mix of both positive and negative results which offset each other.
Positive developments included stable indemnity loss development, an acceleration in the rate at which claims are settling, continued moderation in medical and indemnity severity trends, and lower than previously forecast accident year 2013 losses. Negative factors included further deterioration of medical loss development, increased claim frequency-especially in the LA basin region, and a higher than projected emergence of post-SB 863 allocated loss adjustment expenses.
Find out more by clicking here!