California workers compensation premium total rises
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Total premiums for workers compensation insurance in California increased nearly 3% to $7.1 billion in 2010, the first increase in total premiums in five years, according to the California Workers’ Compensation Institute.
Using data compiled by the National Assn. of Insurance Commissioners, the CWCI said Tuesday that the $7.1 billion in 2010 workers comp premiums compares with $6.9 billion in 2009.
Total premiums in California’s workers compensation system peaked at $16.1 billion in 2004.
Meanwhile, the Oakland, Calif.-based CWCI said workers compensation losses totaled $5 billion in 2010 compared with $4.6 billion in 2009, and the loss ratio for California-licensed workers comp insurers climbed to 72.49% from 68.52%.
Largest comp insurers
According to the NAIC’s data, the top workers compensation insurer in the state last year was the California State Compensation Insurance Fund with $1.14 billion in written premiums and a market share of 16%, which is down from 18.6% with premiums of $1.2 billion in 2009.
Zurich Financial Services Group remained No. 2 with $661.1 million in written premiums and an 8.6% market share. Travelers Insurance Group was third with $550.9 million in written premiums and a 7.7% market share. Next were American International Group Inc. with $540.2 million in written premiums and a 6.5% market share, and Hartford Fire & Casualty Group with $452.6 million in premiums and a 6.4% market share.
The report is available at www.insurance.ca.gov.
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