The Workers’ Compensation Insurance Rating Bureau of California on Monday presented the actuarial basis for an average proposed Jan. 1, 2020 advisory pure premium rate of $1.58, which is 5.4 percent less than the average of the current Jan. 1, 2019 advisory pure premium rates.
A pair of WCIRB executives reported on the advisory rate at a California Department of Insurance public hearing regarding the WCIRB’s January 1, 2020 Pure Premium Rate Filing, which was submitted to the CDI on Aug. 20.
WCIRB Executive Vice President and Chief Actuary Dave Bellusci, along with President and CEO Bill Mudge, presented the actuarial basis for the Jan. 1, 2020 advisory pure premium rate of $1.58.
Bellusci and Mudge discussed the key components of the WCIRB’s filing, which represented the ninth consecutive proposed advisory pure premium rate decrease totaling roughly 45 percent compared with the Jan. 1, 2015 pure premium rates.
In particular, the WCIRB discussed continued downward loss development, the continued sharp reduction in pharmaceutical costs and the projected rate of growth in medical costs.
The California Insurance Commissioner is expected to issue a decision with respect to the WCIRB’s filing within 30 days of the close of the record.
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