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The announcement was made by the Compensation Rating and Inspection Bureau in its recent circular letter (a PDF file). The letter details the rating components which resulted in the increase, as well as other revisions approved.

Analysis of data for the latest two complete policy and calendar-accident years, following adjustment to present premium and benefit levels, using paid and incurred losses separately, indicates a premium level adjustment factor of 1.065 (+6.5 percent) due to experience, according to the announcement. A trend factor of 1.026 (+2.6 percent) is included to recognize changing exposures and losses.

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Source: Insurance Journal
Posted 10:43 AM  View Comments

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