California Workers’ Comp Insurance Rating Board Reports Q3 Results

The Workers’ Compensation Insurance Rating Board of California has reported the third quarter results summarizing insurer loss and premium experience through Sept. 30, 2007.

“California statewide written premium for the first nine months of 2007 is estimated at $9.9 billion, approximately 23 percent below the written premium reported for the first nine months of 2006,” according to the report. “The average statewide insurer rate per $100 of payroll for the quarter is $2.49. That amount is 25 percent below the average rate charged for the first six months of 2006, and 61 percent below the average rate charged in the second six months of 2003.”

The report indicated that “WCIRB projects total statewide ultimate accident year losses for 2006 of $6.2 billion,” a level the board said “is consistent with the level projected for accident year 2005, but almost 50 percent less than the ultimate losses currently projected for accident year 2002.”

For additional information or to view the entire report, visit https://wcirbonline.org/resources/data_reports/pdf/093007_insurer_exp.pdf.

Source: WCIRB