The updated residual market information was published in Special Bulletin sb-02-16
The Worker’s Compensation Rating and Inspection Bureau of Massachusetts (WCRIB-MA) issued Special Bulletin sb02-16 in March, announcing updated information on the residual market. The information is used in order to provide indications as to the directional movement of the Commonwealth’s Residual Market for Worker’s Compensation. The Special Bulletin estimates that for the policy year for the last 12 months ending in December 2015, the residual market share is 18.9%.
WCRIBMA revises previous reports of residual market shares
In the same Special Bulletin, the WCRIBMA also announced that it had revised prior reports of residual market shares “… due to one carrier’s inadvertent misreporting of residual market policy premiums from February 2014 to February 2016.”
As a result, the following graph reflects the revised statements regarding residual market share:
The WCRIBMA says that those overstated market share statements have now been corrected and reflect the proper premium valuations as of February 29, 2016. The Rating Bureau also says that the development factors have been adjusted accordingly.
