Today’s issue of WorkCompRecap features the California WCIRB’s recent release of its Second Quarter 2023 Experience Report, which provides updates on statewide insurer experience valued as of June 30, 2023.
Key findings included that California written premium in 2022 is 14% higher than 2021 and almost at the pre-pandemic level, with the increase driven by higher employee wage levels and the economic recovery. Written premium through the second quarter of 2023 of $8.5 billion is 4.1% higher than the same period in 2022. The average charged rate for the first six months of 2023 continues to decrease, at 3% below 2022’s average charged rate, and the lowest in decades. The WCIRB also noted that after five consecutive increases, the projected loss ratio, including the cost of COVID-19 claims, dropped 3 points in accident year 2022.