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Workers compensation insurers doing business in California realized a lower return on net worth in 2020 than in the previous two years, but the state still had better results than those of comp insurers throughout the country, according to a research bulletin that the California Workers’ Compensation Institute published Wednesday.
“New data from the National Association of Insurance Commissioners show California workers compensation insurers’ return on net worth declined from 13.7% in 2019 to 10.9% in 2020, the sharpest year-to-year decline since 2012, but the California workers compensation insurers’ 2020 return on net worth was still better than the 9.6% return recorded by workers compensation insurers nationwide,” CWCI said.
The average return on net worth for California comp insurers in 2020 was also better than the average 9% return for all lines of coverage in the state and the 6.8% average return for all lines of coverage in the country.
California comp returns have exceeded returns for national comp insurers each year since 2016. In California, comp has outperformed all lines since 2015.
On average over the past decade, comp has compared favorably to other lines within the state, but returns are slightly lower than the national average.
“The NAIC’s 10-year look back shows that California workers compensation insurers’ 8.6% average return over the past decade compares to 10-year returns of 6% for all lines of insurance in California; 8.8% for workers compensation insurers nationwide; 6.8% for all lines of insurance nationwide; 5.9% for property and casualty lines nationwide; and 13.9% for Fortune Magazine’s All-Industry average for the industrial and service sector,” CWCI said.
WorkCompCentral is a sister publication of Business Insurance. More stories here.
Bills amended on the first day of California's 2022 legislative session address presumptive coverage for some first responders, and requirements to provide injured workers with information about medical provider networks.