Oakland, CA – The Workers’ Compensation Insurance Rating Bureau of California (WCIRB) recently released the next report in its Industry Profile series, which examines an industry sector in California’s workers’ compensation system and provides insights into key characteristics and cost drivers in the industry.
The latest report gives a comprehensive overview of the healthcare industry in California.
Key findings in the report include:
- The healthcare industry is one of the largest in California, with over 48,000 workers’ compensation policies, and has operations in five distinct healthcare segments that provide medical care. Those segments generate 6 percent of all California workers’ compensation insurance premiums.
- The advisory pure premium rates for the healthcare industry are about 20 percent below the statewide average.
- Hospitals experienced the largest reduction in payroll and the highest increase in indemnity claim frequency among all healthcare segments during the pandemic.
- The healthcare industry has the highest share – 41 percent – of indemnity COVID-19 claims among all industries, more than four times the statewide average.
The WCIRB also hosted a free webinar to discuss the WCIRB Industry Profile: Healthcare report. A recording is available here: WCIRB Industry Profile Webinar: Healthcare
Source: CA WCIRB