Today’s issue of WorkCompRecap features the California WCIRB’s recent release of a report that aims to quantify the earthquake risk faced by California workers’ compensation insurers.
The report was written in partnership with Risk Management Solutions, Inc. (RMS), a provider of catastrophe modeling analytics, and was the product of a high resolution, big data analysis on a risk portfolio containing the policy and exposure data for $544 billion of business payroll insured by members of the WCIRB. Key findings included an average annual estimated insured loss of $29 million, which corresponds to 0.005% of total insured payroll and $2.52 per employee. The 1 in 100 year insurance loss is expected to exceed $300 million and 300 fatalities, and if that event occurred in peak work-time hours, the estimated expected losses are approximately $1.5 billion.
Find out more (including a link to the free report!) by clicking here!