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CA WCIRB Actuarial Committee To Review December 31, 2011 Experience

15 Mar, 2012 WorkersCompensation.com

                               San Francisco, CA (WorkersCompensation.com) - The WCIRB's Actuarial Committee will meet on March 20, 2012 to review recently reported December 31, 2011 statewide insurer premium and loss experience as well as other information. The complete Agenda for the meeting, including start time and location, can be found in the About the WCIRB section of the website.

Highlights of the December 31, 2011 experience summary included in the Actuarial Committee Agenda are:

  • Calendar year 2011 earned premium is 8% more than it was for 2010.
  • Losses for accident years 2009 and 2010, in particular, continue to show atypically high upward development.
  • The WCIRB now estimates an ultimate loss ratio for accident year 2010 of 86.6%, which is six percentage points above that projected in the January 1, 2012 Pure Premium Rate Filing.
  • Accident year 2011 indemnity claim frequency and average claim severity on indemnity claims is emerging at levels relatively similar to that for 2010.
  • The WCIRB estimates an ultimate loss ratio of 80.5% for accident year 2011, which is lower than 2010 due to the growth in earned premium.

    • An update on the March 20, 2012 Actuarial Committee meeting will be provided shortly following the meeting.

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