Oakland, CA – The Workers’ Compensation Insurance Rating Bureau of California (WCIRB) recently announced it will release its seventh annual State of the System report as well as host a free webinar tomorrow to discuss the latest trends in California workers’ comp premium and rate levels, cost drivers and industry results.
While much of the historical data in the report predates the COVID-19 pandemic, during the webinar WCIRB actuaries will explain how the pandemic and resultant stay-at-home orders will likely impact premium levels, claim frequency and claim severity in 2020 and beyond.
Key highlights to expect from the report and during the webinar include:
- Premiums are expected to plummet in 2020.
- Average insurer rates are at a 50-year low.
- Claim frequency remains flat, but a post-pandemic trend is uncertain.
- Average claim cost trends remain modest.
- Frictional costs are very high.
- Industry combined ratios are rising.
- Dave Bellusci, WCIRB Executive Vice President and Chief Actuary
- Tony Milano, WCIRB Vice President, Actuarial Services
The webinar is scheduled for Tuesday, July 14, 2020 from 11am – 12pm PT.
Source: CA WCIRB