CASUALTY ACTUARIAL SOCIETY RATEMAKING SEMINAR March 11 – 12, 2004

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Presentation transcript:

CASUALTY ACTUARIAL SOCIETY RATEMAKING SEMINAR March 11 – 12, 2004 New York Workers Compensation Ratemaking & Other Issues Martin G. Heagen, CPCU, WCCP

CAS RATEMAKING SEMINAR NEW YORK WORKERS COMPENSATION Loss Ratio Projections Trend Classification Pricing Rate Filing History Individual Risk Pricing Unique New York Issues

CAS RATEMAKING SEMINAR NEW YORK WORKERS COMPENSATION Ultimate Loss Ratios Incurred Method Paid Method

CAS RATEMAKING SEMINAR NEW YORK WORKERS COMPENSATION Ultimate Indemnity Loss Ratios

CAS RATEMAKING SEMINAR NEW YORK WORKERS COMPENSATION Ultimate Medical Loss Ratios

CAS RATEMAKING SEMINAR NEW YORK WORKERS COMPENSATION Trend Claim Frequency Claim Cost Loss Ratio

CAS RATEMAKING SEMINAR NEW YORK WORKERS COMPENSATION Indemnity Claim Frequency (Claims per $1 M Premium at Present Rates)

CAS RATEMAKING SEMINAR NEW YORK WORKERS COMPENSATION Medical Claim Frequency (Claims per $1 M Premium at Present Rates)

CAS RATEMAKING SEMINAR NEW YORK WORKERS COMPENSATION Average Indemnity Claim Cost

CAS RATEMAKING SEMINAR NEW YORK WORKERS COMPENSATION Average Medical Claim Cost

CAS RATEMAKING SEMINAR NEW YORK WORKERS COMPENSATION Classification Ratemaking 9 Industry Groups - Food & Beverage Mfg. - Chemical Mfg. - All Other Mfg. - Contracting - Stores & Dealers - Prof. & Office - Services - Miscellaneous -Maritime, Admiralty, Federal

CAS RATEMAKING SEMINAR NEW YORK WORKERS COMPENSATION Classification Ratemaking Continued Industry Group Differentials 5 Years of Data Irrespective of Class Size 9/11/2001 Losses (Cat 48) Excluded Class Credibility Based on Losses, Separately for Serious, Non- Serious & Medical Class Changes Limited To +/- 25%

CAS RATEMAKING SEMINAR NEW YORK WORKERS COMPENSATION Historical Rate Level Changes

CAS RATEMAKING SEMINAR NEW YORK WORKERS COMPENSATION Individual Risk Pricing

CAS RATEMAKING SEMINAR NEW YORK WORKERS COMPENSATION Unique New York Issues 3rd Party Liability (Dole vs. Dow) Section 110- Small Claims Total Medical Costs Less Than 40% of Total losses Last Benefit Change - 1992 Duration of Permanent Partial Claims 9/11/2001 Effect Payroll Limitation For Construction Classes Special Funds Assessments

CAS RATEMAKING SEMINAR NEW YORK WORKERS COMPENSATION Ratemaking & Other Issues Questions & Answers