The Workers’ Compensation Bureau of California on Monday its latest quarterly report on insurer experience as of June 30.
The WCIRB report shows written premium for 2018 is 4% below that for 2017 and 6% below that for 2016.
“The decreases since 2016 are primarily driven by decreases in insurer charged rates more than offsetting increases in employer payroll,” the report shows.
The report contains similar findings as a report out last month looking at insurer experience through March 31.
The latest report shows written premium for the first six months of 2019 is 7% below the same period for 2018, suggesting that the 2019 premium decrease will also be significant.
The average charged rate for the first six months of 2019 is 10% below that for 2018 and 32% below the peak in 2014, according to the report.
“Current rates are the lowest they have been in California since the mid-1970s,” the report states.
The Jan. 1 approved advisory pure premium rates are on average 42% below those for Jan. 1, 2015, and the WCIRB recently proposed a further 5% decrease in advisory pure premium rates for Jan. 1, 2020.
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