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 2022.
Key findings included that medical losses paid in 2022 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 2022 were $4.0 billion, or 47% of total loss payments. Of that amount, the vast majority consisted of temporary disability benefits at 56% of indemnity payments, permanent partial disability benefits, accounting for 34%, and vocational rehabilitation at 1.8%. The report also notes that total insurer combined losses and expenses incurred in 2022 were $15 billion, or 98% of calendar year premium, compared to $13.1 billion (or 96% of calendar year premium) in 2021.