Today, the WCIRB submitted a July 1, 2018 Pure Premium Rate Filing to the California Department of Insurance (CDI) proposing advisory pure premium rates that average $1.80 per $100 of payroll effective July 1, 2018. The average proposed advisory pure premium rate is 19.0% lower than the corresponding industry average filed pure premium rate of $2.22 as of January 1, 2018 and 7.2% less than the Insurance Commissioner's approved average January 1, 2018 advisory pure premium rate of $1.94.
In the Executive Summary of the Filing, the WCIRB highlighted the key drivers of the WCIRB’s seventh consecutive proposed advisory pure premium rate decrease which included favorable loss development largely driven by significant increases in claim settlement rates, a sharp decline in lien filings following the implementation of Senate Bill No. 1160 and anticipated savings resulting from the new drug formulary.
The Filing and related documents are available in the Filings and Plans section of the WCIRB website (wcirb.com). The CDI will schedule a public hearing to consider the Filing. Once the Notice of Proposed Action and Notice of Public Hearing is issued, the WCIRB will post a copy on its website and issue a Wire Story.
The WCIRB's Dave Bellusci, EVP and Chief Actuary, and Tony Milano, VP and Actuary, will host a webinar to review the WCIRB's Mid-Year Pure Premium Rate Filing and the upcoming December 31, 2017 Insurer Experience Report. Register for this free webinar at the link below.
Tuesday, April 17, 2018, 10:00 - 11:00 AM PT