Oakland, CA – The Workers’ Compensation Insurance Rating Bureau of California (WCIRB) recently released its Quarterly Experience Report, which provides an update on California statewide insurer experience valued as of March 31, 2023.
Highlights of the report include:
- California written premium in 2022 is 14% higher than in 2021 and at approximately the prepandemic level. The increase is driven by higher employee wage levels and the economic recovery. Written premium continues to grow in 2023. The first quarter 2023 written premium of $4.4 billion is 7% higher than the same period in 2022.
- The average charged rate for 2022 is 8 percent below that for 2021 and the lowest in decades.
- After four consecutive increases, the projected loss ratio, including the cost of COVID-19 claims, dropped 3 points in accident year 2022.
- The projected combined ratio for 2022, including COVID-19 claims, is 7 points lower than in 2021.
The full report is in the Research section of the WCIRB website and here: CA WCIRB Quarterly Experience Report – As of March 31, 2023 (PDF)
Source: CA WCIRB