The California State Compensation Insurance Fund’s 2016 annual report shows a net income of $192 million in 2016.
Other important highlights from the newly released report include:
- 128,000 policies written in 2016
- Earned net premiums of $1.5 billion
- Policyholders’ surplus grew by $156 million since Dec. 31, 2015
- Net investment income of $627 million.
“Last year marked another year of healthy competition in the California workers’ compensation market,” Vern Steiner, State Fund’s president and CEO, said in a statement. “We were pleased to introduce a rate filing that included an overall decrease in collectable premium of 9.5 percent as well as an expanded pricing model, which further enhances pricing accuracy and makes our rates more stable year over year.”
Other accomplishments include transitioning to an outcomes-based medical provider network, the State Fund MPN by Harbor Health. The network is designed to improve physicians’ ability to manage injured worker’s treatment and improve patient outcomes.
State Fund is California’s largest provider of workers’ comp insurance.
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