April 20, 2018

WorkCompRecap: Experience & Expansion!

Today’s issue of WorkCompRecap features the California WCIRB’s release of its report on statewide workers’ comp insurer loss and premium experience through the end of Q3 2017.

Key findings from the report included that written premium for the first nine months of 2017 was $13.5 billion, which was 4% below the same time period in 2016. The projected industry average charged rate per $100 of payroll for policies incepting in the first nine months of 2017 was $2.47, which is 17% below the average rate charged in 2015. The WCIRB also noted that it is projecting an ultimate accident year loss and ALAE ratio of 66.7% for AY 2016, which is slightly below the projections for the prior two accident years, as well as the projections based on 1H 2017 experience as a result of favorable loss development experienced in Q3 2017.

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