Tagged in: State Fund

California Workers’ Comp Loss Ratio at 81%

According to the Bureau’s latest data, California’s workers’ compensation insurance carriers returned a pre-tax underwriting profit of nearly $2 billion last year. The 14% underwriting profit ratio is the third straight year of double-digit underwriting margins, but the results include State Fund’s numbers which adversely skew the results. The results sans State Fund are eye-popping. … Read More »

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State Fund Remains California’s Largest Workers’ Comp Carrier

The 2020 California workers’ comp market share totals are in, and the State Compensation Insurance Fund remains the largest writer of workers’ comp coverage. However, there is a new member among the top 10 largest workers’ comp carriers. The new member is Arizona’s CopperPoint Group. Copperpoint bucked the general trend of lower workers’ comp writings … Read More »

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State Employee Workers’ Comp Costs Nearly $1Billion

California taxpayers paid out nearly $1Billion – some $845 million – for the 2019-20 fiscal year to provide workers’ compensation benefits to California state workers. The state pays claims but no premium. The total is up 5.2% or $41 million from the prior year and is up $123 million or 17% since the 2017-18 fiscal … Read More »

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Chubb, Hartford Merger Affects California Workers’ Comp Market

Chubb Limited (NYSE: CB) made an unsolicited bid to acquire The Hartford (NYSE: HIG) in what would be a $23 billion deal. Hartford’s board yesterday unanimously rejected the offer after reviewing it with its financial advisors. The merger would have shaken the the California workers’ compensation insurance market where each company is already a major … Read More »

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State Fund Still A Billion Dollar Carrier

California’s State Compensation Insurance Fund ended 2020 with just over $1 billion in net premium earned – a 14.6% decrease from the prior year. Just a few months earlier, however, the decline appeared to be much worse. At the midway point of 2020, State Fund was staring at a 20% drop in premium from 2019 … Read More »

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Budget Proposal Includes COVID-19 Related Positions For DIR

Gov. Gavin Newsom unveiled a proposed $227.2 billion state budget that includes emergency COVID-19 relief funding for businesses and unemployed Californians. The budget also calls for an extra $8.7 million to fund 43 new positions at the Department of Industrial Relations to implement chaptered legislation related to the pandemic and expanded worker protections. The $227.2 … Read More »

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Dramatic Expansion of Experience Rating System Floated

Changes now under consideration could double or even triple the number of experience-rated employers in California. The Workers’ Compensation Insurance Rating Bureau is researching changes that would give X-Mods to 250,000-300,000 small employers or more. The small employers are mostly claim free risks that would see a 5% credit mod, but those with workers’ comp … Read More »

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