San Francisco, CA – The WCIRB has released its report on workers’ compensation losses and expenses for 2015. The report is prepared annually pursuant to Section 11759.1 of the California Insurance Code.
Among the findings included in the report:
- Medical losses paid in 2015 were $4.9 billion, or 59% of total loss payments. Of these payments, $1.3 billion were paid for physician services, $1.3 billion were payments made directly to injured workers, $0.6 billion were paid to hospitals, $0.3 billion were paid for pharmaceuticals, and $0.3 billion were paid for medical-legal evaluations.
- The total cost of medical cost containment programs in 2015 was $511 million compared to $471 million in 2014.
- Indemnity benefits paid in 2015 were $3.5 billion, or 41% of total loss payments. Of this amount, temporary disability benefits paid totaled $1.7 billion and permanent partial disability benefits paid totaled $1.4 billion.
- Total insurer losses incurred in calendar year 2015 were $10.7 billion, or 62% of calendar year premium. In calendar year 2014, total insurer losses incurred were $11.1 billion, or 68% of calendar year premium.
- Total insurer loss adjustment expenses incurred in calendar year 2015 were $3.1 billion compared to $2.9 billion in 2014.
To view a copy of the report, click here: CA WCIRB: Report on 2015 California Workers’ Compensation Losses and Expenses (Rel. June 29, 2016)
Source: CA WCIRB