Today’s issue of WorkCompRecap features the CA WCIRB’s recent release of its report on statewide workers’ compensation insurer loss and premium experience through December 31, 2016.
Key findings from the report included that written premium for 2016 is approximately $18.1 billion, which is 3% above the written premium reported for 2015. The WCIRB is projecting a preliminary ultimate AY combined loss and expense ratio of 94% for 2016, which is consistent with the ratios for the two prior accident years, which had the lowest combined ratios since 2004-2006. Indemnity claim frequency for 2016 is expected to be 1.3% below 2015, representing the first consecutive years of projected indemnity claim frequency decline since before the Great Recession. The WCIRB also noted that average 2016 indemnity claim severity is projected to be 4% higher than that of 2015, and 10% higher than 2013.
Find out more (including a link to the free report!) by clicking here!