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Member, Beacon International Group, Ltd.
SAN FRANCISCO—California insurers filed workers compensation manual rates that rose 4% on average during the last six months of 2011, according to information released Tuesday by the Workers’ Compensation Insurance Rating Bureau of California.
The manual rates rose from $3.27 to $3.39 per hundred dollars of payroll on average during the period, according to the data released in advance of a WCIRB Actuarial Committee meeting scheduled for April 2 in San Francisco.
The San Francisco-based rating organization also reported that:
• The average filed pure premium rate rose 2% during the six-month period.
• Allocated loss adjustment expenses continue to rise, with the estimated ultimate accident-year expense per indemnity claim rising to $11,400, or almost double the 2005 amount.
• The number of late reported indemnity claims continues to increase.
• The number of cumulative-injury claims has been increasing. The WCIRB preliminarily estimates that 10% of accident-year 2010 indemnity claims will involve cumulative injury, up from 6.6% in 2006.
SAN FRANCISCO—California workers compensation losses have increased slightly in the past couple of years, driven in part by higher claim severity, according to the Workers' Compensation Insurance Rating Bureau of California.