Written premium for 2020 was $1.9 billion, or 12%, below that for 2019 and was the lowest since 2012, according to a new report out from the Workers’ Compensation Insurance Rating Bureau.
Written premium for the first two quarters of 2021 was 8% below that for the first two quarters of 2020, which included some pre- pandemic data, according to .
However, the WCIRB is estimating modest growth in written premium for the full calendar year of 2021 compared to 2020.
The average charged rate for the first half of 2021 was 5% below that of 2020 and was the lowest in decades. Since 2015, the state’s Insurance Commissioner has approved 11 consecutive advisory pure premium rate decreases totaling over 50%.
Effective Sept. 1, the commissioner approved a 3.4% decrease in average advisory pure premium rates. The WCIRB had proposed a 2.7% increase.
The projected loss ratio for 2020, including COVID-19 claims, is 5 points above that for 2019, while the projected loss ratio for accident year 2020 excluding COVID-19 claims is roughly 1 point higher than that for 2019.
Related:
- California Workers’ Comp Written Premium Down 13%, Report Shows
- California Workers’ Comp Committee Votes for 2.7% Higher Pure Premium Filing
- California Workers’ Comp Written Premium Down 12% over 9 Months of 2020
Topics California Workers' Compensation
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