Oakland, CA – At its recent meeting, the WCIRB Governing Committee reviewed the Actuarial Committee’s analysis of insurer loss experience valued as of June 30, 2015 and determined that an amendment to the WCIRB’s January 1, 2016 Pure Premium Rate Filing (Filing) which was submitted to the California Department of Insurance on August 19, 2015 was not warranted.
The Governing Committee’s action was based on the Actuarial Committee’s review of June 30, 2015 insurer experience which has emerged at a level generally consistent with the March 31, 2015 experience that underlies the WCIRB’s Filing. The data continues to show modest improvement in medical loss development that was partially offset by a slight deterioration in claim frequency in the second quarter of 2015. The Committee also expressed caution as to the relatively robust forecasts of wage growth in the Filing given the recent turbulence in the financial markets and the global economy.
The California Department of Insurance has scheduled a public hearing on September 22, 2015 to consider the WCIRB’s Filing. Complete details are available in the Publications and Filings section of the WCIRB website (www.wcirb.com).
Source: CA WCIRB