Today’s issue of WorkCompRecap features the Workers’ Compensation Insurance Rating Bureau of California’s (WCIRB) release of a new report that examines the Impact of Economic Changes on the state’s Workers’ Compensation system.
Key findings included that employment and wages for most industries have rebounded from the initial pandemic related changes in 2020, but employment in the Retail and Hospitality industries remained below 2019 levels through 2022. Hospitality’s share of the workforce is forecast to rebound and exceed 2019 share by 2024, while the share of employment in Retail has decreased from 9.2% in 2019 to 8.9% in 2022, and is forecast to decrease to 8.3% in 2025. The WCIRB also noted that in 2020, claim frequency and severity both increased due to the mix of employment by industry.