WCIRB Attempting to Account for COVID Impacts on 2020 Development, Sept. Rate Filing

As the Workers’ Compensation Insurance Rating Bureau of California and its committees begin to ramp up discussion for the Sept. 1, 2021, pure premium rate filing, bureau staffers said they may have found a way to account for COVID-19-related impacts on loss development. Much of the COVID-19 data from last year is not reliable for predicting future losses, and bureau officials said they may be better off replacing some loss development factors with an average of the two prior years. Data from the second and third quarters of 2020 significantly skewed loss development factors because...