The Calif. Workers’ Compensation Insurance Rating Bureau (WCIRB) Governing Committee authorized the WCIRB to pursue developing estimates of potential terrorism losses for California. The estimates will be based upon the model developed for NCCI by EQECAT, a nationally recognized catastrophe modeling firm. The results of this analysis will reflect the most currently available California data and will anticipate 2003 Assembly Bill 749 benefit levels. The WCIRB expects to publish the results of its study sometime in March.
The Committee postponed a decision on whether or not the information would be used in an advisory or pure premium rate filing. In the interim, the WCIRB will release a summary of previously published public information on indicated terrorism losses from other states that was developed based on the EQECAT model, along with comparisons of those loss cost indications to total California loss costs. The WCIRB expects to release this information within the next ten days.
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