Presented by Elizabeth Buhro, ACAS Texas Department of Insurance

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1 Presented by Elizabeth Buhro, ACAS 1 The Rating System Prior to 1992 All rates and rating plans promulgated by the Board of Insurance, with very little opportunity for deviations Rates high and increasing, and loss experience poor Assigned risk plan represented approximately 25% of the total market Largest WC carrier withdrew in 1989, and was declared insolvent in 1991 Other carriers withdrew or limited writings 2 1

2 1992 WC benefit structure changed to reduce costs The Texas Workers Compensation Insurance Fund (now the Texas Mutual) created to promote competition and serve as the insurer of last resort Insurers allowed to establish own rate levels on a fileand-use basis Rating programs such as schedule rating and deductibles allowed to promote safety and to provide for enhanced competition The structure of the market changed from a closely stateadministered system to open competition 3 Created out of last set of rates Meant strictly to be a measure of one class code to the next Individual companies file deviations to bring relativities to appropriate rate level Statute requires that the relationships revised every 5 years, but revisions are usually done more frequently 4 2

3 Data used 5 years of statistical data Losses limited Full study available on website 5 Credibility weighted with previous relativity Balancing factors used to balance back to existing level Changes capped at +/-25% Overall level adjusted some years to reflect experience that emerged over time 6/1/2011 relativities will have a -10% change 6 3

4 1.00 Cumulative Changes in Classification Relativity level Relativity Expected loss rates for experience rating plan changed in conjunction with relativities Overall level is changed, ELR s effective 6/1/2011 will have a -16.7% change Expected loss rates at class code level are capped at +/-25% 8 4

5 Companies file own deviations to get to an appropriate p rate level Permissible for companies to file their own relativities, although rare Several companies do have different deviations for different class codes, but splitting a class code is not permissible 9 HB 2600(2001) Significant changes to medical and income benefits HB 7(2005) Enacted to reform the administration of the workers compensation system and to implement changes in the delivery of benefits to injured workers Certified Networks Networks file with the department for certification companies file credits or a range of credits with the department Data on network effectiveness is still new, but appears that networks are saving money in most cases 10 5

6 HB 7 (cont d) requires insurance companies to consider the effect of individual risk variations when evaluating workers compensation insurance rates requires the Commissioner of Insurance to conduct biennial hearings to review the rates to be charged for workers compensation insurance and to determine the impact of HB 7 on rates and premiums % Texas Workers' Compensation Projected Ultimate Loss and Combined Ratios 90.00% 88.2% 87.0% 80.00% 75.8% 73.5% 75.1% 72.2% 75.9% 70.00% 60.00% Percent 50.00% 40.00% 43.2% 40.0% 37.7% 37.7% 40.7% 47.5% 45.5% 30.00% 20.00% 10.00% Loss Ratio Combined Ratio 0.00% Calendar/Accident Year 12 6

7 3.5 Texas Workers' Compensation Average Premium per $100 of Payroll 3 $2.80 $2.85 $ $2.45 $2.34 Amount per $100 of Payroll $2.07 $2.11 $1.91 $1.60 $ Policy Year Average Premium 13 Contact information:

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