Today’s issue of WorkCompRecap features the California WCIRB’s recent release of its 2022 First Quarter Experience Report, which provides updates on statewide insurer experience valued as of March 21, 2022.
Key findings included that California written premium for 2021 is 1.4% below that for 2020 and is the lowest since 2012. The average charged rate for the first quarter of 2022 is 3% below that for 2021 and is the lowest in decades. The WCIRB also noted that the projected loss ratio for 2021, including COVID-19 claims, is 5 points above that for 2020. 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.