Today’s issue of WorkCompRecap features the California WCIRB’s recent release of its Cost Monitoring Update on SB 863. The WCIRB had published a prospective estimate of the cost impact of SB 863 in October 2012 and has since continued to refine its estimates based on later data.
Key findings from the latest update included that SB 863 has saved an estimated $2.3 billion for the state’s workers’ comp system annually, or 12% of total loss and loss adjustment expense costs, resulting in a total systemwide savings of over $10 billion since SB 863’s implementation. The savings have also largely driven a series of advisory pure premium rate decreases totaling more than 40% and have resulted in the lowest average charged premium rates in the marketplace in more than 40 years.
Find out more (including a link to the free report!) by clicking here!