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WCIRB Governing Committee Reviewed June 30, 2019 Experience

At a meeting earlier today, the Workers’ Compensation Insurance Rating Bureau of California (WCIRB) Governing Committee met to review the Actuarial Committee’s analysis of recently available June 30, 2019 experience.

The Governing Committee noted that continued modest downward loss development did lower the indicated average advisory January 1, 2020 pure premium rate from $1.58 to $1.56. However, given this modest 1 percent impact, coupled with economic uncertainty that could result in lower wage growth than currently projected in the WCIRB’s recent filing, the Committee elected not to amend the January 1, 2020 Pure Premium Rate Filing.

The Committee did agree that the analysis of June 30, 2019 experience as well as any updated economic forecast of wage growth that becomes available be provided to the Insurance Commissioner by the time of the scheduled pure premium rate hearing on September 30, 2019. 

Related Information

January 1, 2020 Pure Premium Rate Filing
Notice of Proposed Action and Notice of Public Hearing
Governing Committee Presentation – September 4, 2019

September 4, 2019