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 September 30, 2020.
Key findings included that California written premium for the first nine months of 2020 is 12% below that for the first three quarters of 2019. The average charged rate for the first nine months of 2020 is 9% below that for 2019 and 40% below the peak in 2014. The report also notes that while premium decreases through Q1 of 2020 were driven by decreases in insurer charged rates, the large decrease in premium for the second and third quarters was driven by the sudden and sharp slowdown in the economy.
Find out more (including a link to the free report!) by clicking here!