The Workers’ Compensation Insurance Rating Bureau of California has released its quarterly experience report, an update on California statewide insurer experience valued as of March 31, 2020.
Highlights of the report include:
- California written premium for the first quarter of 2020 is 5% below that for the first quarter of 2019.
- The average charged rate for the first quarter of 2020 is 7% below that for 2019 and 39 percent below the peak in 2014.
- The WCIRB projects the accident year combined ratio for 2019 to be 8 points above that for accident year 2018, primarily driven by lower premium rates.
The report also reflects anticipated impacts from COVID-19
“With the COVID-19 pandemic-related economic slowdown, the WCIRB expects employer payroll and insurer premium to decline sharply for the remainder of 2020 compared to 2019,” the report states.
The full report is available in the research section of the WCIRB website.
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