California comp premiums up 18% in 2013; continue to climb in 2014
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Premiums for California workers compensation insurers rose 18% year-over-year to $14.8 billion in 2013 and are on track to increase again in 2014, according to the California Workers' Compensation Insurance Rating Bureau.
California workers comp premiums reached $12.5 billion in the first nine months of 2014, up about 12% from the same period in 2013, San Francisco-based WCIRB said in a report released Monday.
Despite premium growth and improved financial projections, workers comp has remained an unprofitable line for California workers comp insurers, WCIRB's report showed. The bureau estimates that workers comp insurers had a combined ratio of 111% in 2013, down from 124% in 2012 and 144% in 2011.
The “projection is below that of the last several accident years primarily as a result of increased premium levels and relatively low claim severity growth in 2013,” the report said.
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