BI’s Article search uses Boolean search capabilities. If you are not familiar with these principles, here are some quick tips.
To search specifically for more than one word, put the search term in quotation marks. For example, “workers compensation”. This will limit your search to that combination of words.
To search for a combination of terms, use quotations and the & symbol. For example, “hurricane” & “loss”.
California’s written premium for the first six months of 2022 is 27% higher than it was at this point in 2021, driven by the continued economic recovery, the Workers’ Compensation Insurance Rating Bureau reported.
The WCIRB, in its latest quarterly experience analysis, reported written premium of $8.9 billion through the period ending June 30.
The industry average charged rate of $1.74 per $100 of payroll during this period was about 3% lower than the average $1.80 paid in 2021.
The WCIRB said the projected loss ratio for 2021, including the cost of COVID-19 claims, is 68%, up from 62% in 2020 and 56% in 2018. Accident year loss ratios fell from 85% in 2009 to a low of 44% in 2016 before starting to rebound.
The projected combined ratio for 2021, including COVID-19 claims, is 112%, up from 104% for 2020. The WCIRB noted that the 2021 combined ratio is 33 percentage points higher than the low of 79% in 2016.
WorkCompCentral is a sister publication of Business Insurance. More stories here.