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Pinnacle Actuarial Resources is dedicated to keeping our clients up-to-date on relevant regulatory, administrative and economic conditions that impact their businesses. Recently, the Workers Compensation Insurance Rating Bureau (WCIRB) of California issued guidance regarding lower-than-anticipated workers compensation (WC) system loss costs. On September 5, the insurance commissioner of California approved all of the WCIRB’s proposed changes. The most current pure premium WCIRB filing, dated August 20, 2019 recommended a 5.4% decrease in average advisory loss costs, effective January 1, 2020.
The on-demand culture has been rapidly growing over the past decade. Groceries, car rides and dinners can all be purchased and promptly delivered with the touch of a button and insurance is catching up. At the 2019 Pinnacle U event, we presented on the topic of on-demand insurance and what its future may hold. We partnered with Noah Sierer, an Illinois State University student, to provide examples of current insurers and the market’s potential.
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