Total direct written premium in the California workers’ compensation system fell for the second consecutive year in 2018, declining 3.8 percent to less than $12.3 billion as nine of the 10 largest insurer groups in the state wrote less premium that year than they did in 2017.
That’s according to a brief published today from the California Workers’ Compensation Institute.
CWCI reported on market data compiled by the National Association of Insurance Commissioners, which shows California the aggregate premium of workers’ comp insurers’ dropped by nearly $489 million in calendar year 2018, as declining premium rates more than offset the increase in covered payroll.
The latest NAIC report also reveals the rankings of the top 10 insurer groups by premium volume.
Berkshire Hathaway Group topped the list, despite its premium volume declining nearly 5.7 percent. State Compensation Insurance Fund retained the second spot, with total premium of nearly $1.34 billion.
A total of 76 insurer groups, encompassing 227 individual companies, reported California workers’ compensation direct written premium in 2018, but the majority of statewide DWP was concentrated among the two dozen largest groups, each of which had at least 1 percent market share. Together, these 24 groups accounted for 88.2 percent of total DWP.
Was this article valuable?
Here are more articles you may enjoy.