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California written premium for 2017 is 2% below that for 2016 and represents the first decrease in seven years, according to the Workers Compensation Insurance Rating Bureau of California’s quarterly report for year-end 2017, released Friday.
The projected industry average charged rate per $100 of payroll for policies incepting in 2017 is $2.46, which is 10% below that for 2016 and 17% below the peak in 2015, the Oakland-based WCIRB said in the report.
The WCIRB projects an ultimate accident year combined loss and expense ratio of 92% for 2017, a projection that is 5 points higher than that for 2016, as premium levels have lowered while average claim severities increased moderately, the bureau said in a statement.
Other highlights of the report include:
Jessica Altman, Pennsylvania’s acting Insurance Commissioner, has approved a 6.06% increase in workers compensation premiums.