Today’s issue of WorkCompRecap features the Workers’ Compensation Insurance Rating Bureau of California (WCIRB)’s release of its report on workers’ compensation losses and expenses for 2021.
Key findings included that medical losses paid in 2021 were $4.4 billion, or 53 percent of total loss payments (in 2020 $4.2 billion, also 53%, went to analogous medical services). Indemnity benefits paid in 2021 were $3.8 billion, or 47% of total loss payments. Of that amount, temporary disability benefits accounted for 54% of indemnity payments and permanent partial disability benefits accounted for 35%. The report also notes that total insurer combined losses and expenses incurred in 2021 were $13.1 billion, or 96% of calendar year premium, compared to $12 billion (or 85% of calendar year premium) in 2020.
WorkCompWire will return on Tuesday. Have a great 4th of July, and be sure to take time to appreciate our freedoms and the sacrifices that make them possible!