Calif. workers compensation rates up 10% in first half of 2013Posted On: Sep. 25, 2013 12:00 AM CST
California workers compensation insurers increased rates about 10% on average during the first six months of 2013 compared with the second six months of 2012, according to a projection released by the Workers' Compensation Insurance Rating Bureau of California.
Meanwhile, premium written in the state continues growing, according to the San Francisco-based WCIRB's report on insurer experience for June 30, 2013, released Tuesday.
Written premium for the first six months of 2013 reached $7.5 billion, or about 21% more than that reported for the first six months of 2012. Written premium for calendar year 2012 rose to approximately $12.5 billion, which is about 16% above that for 2011 and 42% above the written premium reported for 2009.
The increasing premium volume helped reduce insurers' combined ratio to 120% for accident year 2012, which is lower than the combined ratio for each of the past three years, according to the report.
Among other findings, the WCIRB also projected that indemnity claims frequency climbed 6.2% when comparing the first six months of 2013 to the same period in 2012. The findings were based on data reported by insurers writing 98% of workers comp coverage in California and are available here.