Today’s issue of WorkCompRecap features the California WCIRB’s recent release of its Quarterly Experience Report, which provides updates on statewide insurer experience valued as of March 31, 2020.
Key findings included that written premium for Q1 2020 is 5% below that of Q1 2019; the average charged rate for Q1 2020 is 7% below 2019 and 39% below the peak in 2014. The report also projects the accident year combined ratio for 2019 to be 8 points above AY 2018, primarily driven by lower premium rates. With the COVID-19 related economic slowdown, the WCIRB noted that it expects employer payroll and insurer premium to decline sharply for the remainder of 2020 compared to 2019.
Find out more (including a link to the free report) by clicking here!