OIR Adopts 2013 Profit and Contingency Factors
The Office of Insurance Regulation has issued an order adopting its profit and contingency factors for 2013. As set forth in the order, the OIR publishes the profit and contingency factors for insurers to use of they are unable to produce credible profit and contingency factors from their own data. The factors for key lines of business include Commercial Multi Peril (Business Owners) 1.4%, Homeowners 4.1%, Medical Malpractice Claims-Made -3.8%, and Medical Malpractice Occurrence -10.6%.