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Member, Beacon International Group, Ltd.
SAN FRANCISCO—California workers compensation insurance rates increased 3% on average during the first six months of 2010 over the same period in 2009, the Workers’ Compensation Insurance Rating Bureau of California said.
Written premiums, meanwhile, increased to $5.2 billion during the first six months of the year, a 16% increase over the first six months of 2009, according to the summary of insurer experience released Monday by the WCIRB.
The WCIRB’s information is based on data reported by insurers that wrote nearly all of California’s workers comp premiums.
While rates climbed 3% during the first six months of 2010, they still remain 62% below a pre-legislative reform high reached in 2002, the WCIRB said.
Among other findings, the WCIRB estimated that insurers’ ultimate 2009 accident year combined ratio would reach 125%, or 16 percentage points higher than the prior year.
The calendar year combined ratio for 2009, meanwhile, was 116%, or 15 percentage points higher than 2008.
The WCIRB’s summary of insurer second-quarter results is available at https://wcirbonline.org/wcirb/wcirb_wire/2010/2010_13.html.