WCIRB Releases Summary of Y'01 Loss Data

The WCIRB released yesterday its preliminary summary of statewide, year-end 2001 loss experience. The report shows continued sharp adverse loss development on the 1998, 1999 and 2000 accident years. The WCIRB now estimates the ultimate loss ratio for those years are 123%, 134% and 114%, respectively, and combined loss and expense ratios are 170%, 174% and 154%, respectively. Last month, primarily as a result of this continued loss development, the WCIRB filed for a 10.1% increase in pure premium rates to be effective on policies incepting on or after July 1 ,2002. The WCIRB estimates that...