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CASUALTY ACTUARIAL SOCIETY RATEMAKING SEMINAR March 11 – 12, 2004
New York Workers Compensation Ratemaking & Other Issues Martin G. Heagen, CPCU, WCCP
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CAS RATEMAKING SEMINAR NEW YORK WORKERS COMPENSATION
Loss Ratio Projections Trend Classification Pricing Rate Filing History Individual Risk Pricing Unique New York Issues
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CAS RATEMAKING SEMINAR NEW YORK WORKERS COMPENSATION
Ultimate Loss Ratios Incurred Method Paid Method
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CAS RATEMAKING SEMINAR NEW YORK WORKERS COMPENSATION
Ultimate Indemnity Loss Ratios
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CAS RATEMAKING SEMINAR NEW YORK WORKERS COMPENSATION
Ultimate Medical Loss Ratios
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CAS RATEMAKING SEMINAR NEW YORK WORKERS COMPENSATION
Trend Claim Frequency Claim Cost Loss Ratio
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CAS RATEMAKING SEMINAR NEW YORK WORKERS COMPENSATION
Indemnity Claim Frequency (Claims per $1 M Premium at Present Rates)
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CAS RATEMAKING SEMINAR NEW YORK WORKERS COMPENSATION
Medical Claim Frequency (Claims per $1 M Premium at Present Rates)
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CAS RATEMAKING SEMINAR NEW YORK WORKERS COMPENSATION
Average Indemnity Claim Cost
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CAS RATEMAKING SEMINAR NEW YORK WORKERS COMPENSATION
Average Medical Claim Cost
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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
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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%
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CAS RATEMAKING SEMINAR NEW YORK WORKERS COMPENSATION
Historical Rate Level Changes
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CAS RATEMAKING SEMINAR NEW YORK WORKERS COMPENSATION
Individual Risk Pricing
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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 Duration of Permanent Partial Claims 9/11/2001 Effect Payroll Limitation For Construction Classes Special Funds Assessments
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CAS RATEMAKING SEMINAR NEW YORK WORKERS COMPENSATION
Ratemaking & Other Issues Questions & Answers
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