The Workers’ Compensation Insurance Rating Bureau of California’s Governing Committee voted on Wednesday to authorize the WCIRB to submit a Sept. 1, 2023 pure premium rate filing to the state’s Insurance Commissioner on average 0.3% above the average approved September 1, 2022 advisory pure premium rates.
The proposed advisory pure premium rates reflect loss and loss adjustment experience as of Dec. 31, 2022.
On average, the proposed Sept. 1, 2023 advisory pure premium rates are lower than the advisory pure premium rates proposed by the WCIRB in the Sept. 1, 2022 pure premium rate filing, according to the WCIRB.
The more notable drivers of the change were lower-than-projected loss emergence for the 2022 accident year, modestly lower loss development on earlier years, a reduced LAE provision and a slightly lower claim frequency projection, according to the WCIRB.
The WCIRB expects to submit its Sept. 1, 2023 pure premium rate filing to the California Department of Insurance by the end of April. The CDI will schedule a public hearing to consider the filing.
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