Today’s issue of WorkCompRecap features the California WCIRB’s recent release of its 2018 State of the California Workers’ Compensation Insurance System Report, which examines the cost of workers’ comp insurance based on premiums paid by insured employers, illustrates how premium dollars are distributed among system components, details key cost drivers, and provides a summary of statewide insurer results.
Key findings from this edition included that due largely to significant SB 863 savings, average insurer rates have decreased 22% since 2014 – current rates are at the lowest level in a decade, even lower than in the 1970s and 1980s, as long-term declining claim frequency and increasing wage levels have offset rising medical costs. Also included in the report are comparisons of components of the California system to other states, and regionally within the state.
Find out more (including a link to the free report!) by clicking here!