Actuarial study reveals that UC’s loss prevention programs are helping us outperform the California Statewide average saving UC $50 million a year!
Independent actuaries compared the University of California’s (UC) workers’ compensation costs against California statewide averages. Statewide averages in this analysis are based on information from the Workers’ Compensation Insurance Rating Bureau (WCIRB), which is the basis for most insurance company workers’ compensation rates in California. Based on their analysis, it was found that over the past 5 years UC’s projected ultimate loss and loss adjustment expense rates are about 37% below those of statewide averages. This represents 5-year savings to UC of over $250 million. The WCIRB statewide averages are based on classifications specific to higher education, hospitals, and doctors.