The Casualty Actuarial Society (CAS) said experts speaking at its spring meeting in Phoenix, Ariz., reported that insurers and self-insurers are seeing positive trends as a result of California workers' compensation reforms.
Arlington, Va.-based CAS reported that Roberta Garland, president, Garland Actuarial LLC, and moderator of a panel session, explained that early results of the reform's impact indicate that more insurers are entering the market and charged rates are lower.
According to CAS, average insurer rate as a percentage of California payroll has dropped from a high of 6.4 percent in the second half of 2003 to 5.3 percent in the second half of 2004. The rate is projected to drop further to 4.8 percent in the first half of 2005, according to data provided by Workers' Compensation Insurance Rating Bureau of California (WCRIB).
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