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California workers comp premiums rise third straight year

California workers comp premiums rise third straight year

California's workers compensation premium volume in 2012 reached its highest level since 2007, rising $1.2 billion to $9 billion.

The California Workers' Compensation Institute said Thursday that 2012 was the third straight year of growth in the state's workers comp premiums.

Rising rates and expanding payrolls contributed to California's premium growth as the state's economy began expanding following the recession, the CWCI said in a bulletin.

“After sliding from a record $16.1 billion in 2004 to $6.9 billion in 2009, total premium volume has now rebounded 30% over the last three years, with the 2012 figure now back up to the 2007 level” of $9 billion, the bulletin said.

The Oakland, Calif.-based CWCI said its analysis was based on data from the National Association of Insurance Commissioners and the California Department of Insurance.