Today’s issue of WorkCompRecap features the California WCIRB’s recent release of its 2022 Third Quarter Experience Report, which provides updates on statewide insurer experience valued as of September 30, 2022.
Key findings included that California written premium for the first nine months of 2022 was 15% above that for the first nine months of 2021, driven by higher employee wage levels and continued economic recovery. The average charged rate for the first three quarters of 2022 was 7% below that for 2021 and the lowest in decades. The WCIRB also noted that 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.