California written premium for 2021 was 2% below 2020 and 14% below 2019, a new report shows.
The Workers’ Compensation Insurance Rating Bureau of California issued released its quarterly experience report, an update on California statewide insurer experience valued as of Dec. 31, 2021.
The decrease in written premium for 2021 was driven by continued insurer rate decreases offsetting growth in employer payroll, according to the WCIRB.
Other findings in the report include:
- The average charged rate for 2021 was 7% below 2020, the lowest in decades.
- The projected loss ratio for 2021, including COVID-19 claims, is 6 points above 2020.
- The projected combined ratio for 2021, including COVID-19 claims, is 7 points higher than 2020 and 33 points higher than the low point in 2016.Indemnity claim frequency rose by 8% in 2021 following a 12% drop in 2020.
- The WCIRB in April submitted a pure premium rate filing to the California Insurance Commissioner calling for a 7.6% increase.
Topics Trends California Workers' Compensation Pricing Trends
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