Whether you consider yourself a Workers' Compensation practitioner, you last thought about Worker's Comp ratemaking when you were studying Kallop for "the old Part 6," or you find yourself somewhere in between, this session will catch you up on some of the latest methodologies being used in Worker's Comp ratemaking. The participant could easily apply some of the updated techniques in his or her own analyses, within or outside of the Workers' Comp arena.
NCCI recently implemented the most significant changes to its class ratemaking methodology in 40 years. NCCI also modified its methodology for setting a state’s overall average loss cost level a few years earlier, addressing two categories of large events for which Workers’ Compensation exposure exists: large individual claims, and catastrophic events related to the perils of industrial accidents, earthquakes, and terrorism.
This presentation will describe these changes and much more, including the results that were achieved across NCCI states. Insights into NCCI’s strategy and process used to gain regulatory acceptance of these new methodologies will also be discussed.