The Department’s decision to cut the pure premium rate by 2.1% effective September 1, 2024, is based on actuarial findings that differ from those adopted by the Workers’ Compensation Insurance Rating Bureau to support its request for a 0.9% rate hike. Most notable are CDI’s differences with the Bureau regarding how much carriers will spend …
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California’s excess workers’ compensation insurance market last year showed more volatility than usual with several groups decreasing written premium, while the excess market grew slightly overall. Total written excess premium last year was nearly $238 million compared to $234 million in 2022. Tokio Marine’s Safety National Casualty Corp. remained the state’s largest market with $136 …
Bankrupt retailer 99 Cents Only Stores LLC stopped paying its workers’ comp claims, and the California Self-Insurers’ Security Fund (SISF) is now tasked with ensuring that its injured workers receive their statutory benefits. State officials note the self-insured employer had $43 million in workers’ comp liabilities at its default but say that based on the …
The California Supreme Court held oral arguments in the case challenging the constitutionality of Proposition 22 – the voter-approved ballot initiative to carve out an exemption from California’s ABC test for specific app-based delivery and transportation companies. The hour-long hearing saw justices push back against arguments the initiative illegally impinges on the Legislature’s plenary authority …
Workers’ comp continues to produce “stunning” financial results that far outpace all other types of insurance in the property and casualty industry. The National Council on Compensation Insurance (NCCI) notes in its annual report that private workers’ comp carriers had a pretax operating gain of 23% last year. These same carriers have averaged a 13% …
The Workers’ Compensation Insurance Rating Bureau released details on the 2023 calendar year that show written workers’ comp premium is up 2% from the prior year to $15.9 billion. The total now matches pre-pandemic levels, as higher wages are reflected in the total. The Bureau is a private organization with quasi-governmental responsibility. It is financially …
A worker injured in a car crash 70 miles from the remote firefighting camp where he was stationed is covered by workers’ compensation even though he left camp without notifying or getting permission to leave from his employer. The Workers’ Compensation Appeals Board and now the Third District Court of Appeal say the commercial traveler …