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WorkCompRecap: Pandemic & Premiums!

August 14, 2020 - WorkCompWire

Today’s issue of WorkCompRecap features some rate news with the California WCIRB’s announcement that it has voted to submit a January 1, 2021 Advisory Pure Premium Rate Filing to the Insurance Commissioner.

The filing will propose advisory pure premium rates around 2.6% above the average approved January 1, 2020 advisory pure premium rates. Exec VP and Chief Actuary Dave Bellusci noted that without the estimated impact of COVID-19 claims on 2021 policies, the WCIRB would be recommending a modest decrease (1.3%) in advisory pure premium rates. In addition to projecting the cost of COVID-19 claims on 2021 policies, the recommendation also takes into account the impact of the pandemic related economic slowdown on wage growth, claim frequency and claim severity.

Find out more by clicking here!

Filed Under: Editor's Forum

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