At its meeting today in Oakland, the WCIRB Governing Committee voted to amend the WCIRB’s January 1, 2018 Pure Premium Rate Filing that was submitted to the Insurance Commissioner on August 18, 2017. The vote to amend the filing was based on the Actuarial Committee’s review of recently available June 30, 2017 loss experience, which showed lower than anticipated loss development in the second quarter.
The WCIRB anticipates amending its filing to propose advisory pure premium rates that average $1.96 per $100 of payroll in lieu of pure premium rates which averaged $2.01 per $100 of payroll that were proposed in the August 18, 2017 filing. These amended proposed pure premium rates are on average 2% less than the average approved July 1, 2017 advisory pure premium rate of $2.00 and 16.1% less than the industry average filed pure premium rate of $2.34 as of July 1, 2017.
The amended filing will be submitted to the Insurance Commissioner within the next week and will be posted on wcirb.com once it is available. The California Department of Insurance has scheduled a public hearing on October 5, 2017 in San Francisco to consider the WCIRB’s filing.