Today’s issue of WorkCompRecap ffeatures the California WCIRB’s recent announcement that it will submit a January 1, 2016 Advisory Pure Premium Rate Filing that is 7.8% less than the corresponding industry average filed pure premium rate as of July 1, and only a bit less (0.8%) than the average approved July 1, 2015 advisory pure premium rate.
Among the factors contributing to the reduction were favorable medical loss development, indemnity and medical severities that are continuing to emerge at lower than projected levels, and lower emerging physician costs in the first year of the four-year RBRVS transition. In spite of the positive developments, the WCIRB also noted that post-SB 863 loss adjustment expenses (LAE) continue to emerge higher than projected, but have been more than offset by favorable loss trends.
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