The California workers’ comp industry is on pace to see written premium exceed pre-pandemic levels this year. Higher wages and payroll growth are driving the increase. Through the first six months of the year carriers wrote some $8.5 billion in workers’ comp premium. The full year rate would put the industry at $17 billion, which …
According to a new report on the industry’s finances, California workers’ compensation carriers saw their loss and expense ratio tick up two points to 98.1% last year. The industry’s pretax underwriting profit declined for the fourth year to just 1.3% (see top chart on page 8). The results do not contemplate the investment income carriers …
Attorneys for the State Compensation Insurance Fund and the nurse staffing firm ReadyLink are back in court as part of a decade-long dispute over alleged per diem payments which State Fund categorizes as payroll. The oft-delayed jury trial opened last week with the attorneys facing off over pretrial motions to exclude various evidence from a …
Insurance Commissioner Ricardo Lara rejected the insurance industry’s call for an average workers’ comp rate hike of 7.6% for rates as of September 1st, 2022. Instead, he ordered the Workers’ Compensation Insurance Rating Bureau to keep the average where it was. But the reality for many employers is quite the opposite. Literally, hundreds of class …
Below you will see a set of charts, by industry sector and class, showing which classes are going up or down. Agriculture Sector 11 Mining Sector 21 …
Workers’ comp premium plummeted in 2020 with the rapid shutdown of the economy in the wake of the Covid-19 pandemic and remained flat through 2021. Industry experts at the Workers’ Compensation Insurance Rating Bureau are predicting a sharp return to pre-pandemic levels, and the latest industry results are in line with projections. The Bureau is …
Written premium in California’s excess workers’ comp market grew by over 8% last year to $219 million, a more significant increase than the slight 3% boost the general workers’ comp market saw last year. Safety National Casualty Corp. (a unit of Tokio Marine Holdings’) continues to write well over half the excess coverage in California. …