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.
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