Oakland, CA – The Workers’ Compensation Insurance Rating Bureau of California (WCIRB) recently released its Quarterly Experience Report. The report is an update on California statewide insurer experience valued as of September 30, 2022.
Highlights of the report include:
- California written premium for the first nine months of 2022 is 15 percent above that for the first nine months of 2021, driven by higher employee wage levels and the continued economic recovery.
- Premium on policies incepting in the first nine months of 2022 is 7 percent higher than premium on policies incepting in the first nine months of 2021.
- The average charged rate for the first three quarters of 2022 is 7 percent below that for 2021 and the lowest in decades.
- The projected loss ratio for 2021, including the cost of COVID-19 claims, is 6 points above that for 2020 and 13 points above that for 2019.
- The projected combined ratio for 2021, including COVID-19 claims, is 8 points higher than 2020 and 35 points higher than the low point in 2016.
The full report is in the Research section of the WCIRB website and here:WCIRB Quarterly Experience Report – As of September 30, 2022
Source: CA WCIRB