Today’s issue of WorkCompRecap features the California WCIRB’s recent release of its 2021 Fourth Quarter Experience Report, which provides updates on statewide insurer experience valued as of December 31, 2021.
Key findings included that California written premium for 2021 was 2% below that for 2020 and 14% below that for 2019. The average charged rate for 2021 was 7% below that for 2020, the lowest in decades. The WCIRB also noted that the projected loss ratio for 2021, including COVID-19 claims, is 6 points above that for 2020, and the projected combined ratio for 2021, including COVID-19 claims, is 7 points higher than 2020 and 33 points higher than the low point in 2016. Indemnity claim frequency also increased by 8% in 2021, after seeing a 12% drop in 2020.