The Workers’ Compensation Insurance Rating Bureau of California (WCIRB) has released its summary of the second quarter insurer results, which ended June 30, 2008.
The report lists the following statistics:
-California written premium (gross of deductible credits) for the first six months of 2008 is estimated at $5.5 billion, approximately 20 percent below the written premium recorded for the same period in 2007.
-The average statewide insurer rate (final insurer rates reflecting all rating plan adjustments except deductible credits, retrospective rating plan adjustments and policyholder dividends) per $100 of payroll for policies written in the first six months of 2008 is $2.48, 15 percent below the average rate charged the first six months of 2007. This is also approximately 62 percent the average rate charged in the second six months of 2003.
-WCIRB projects total statewide ultimate accident year losses for 2007 will be $6.8 billion, above the 2005 level, but below pre-reform levels.
-The group projects and ultimate accident year loss ratio of 52 percent for 2007.
-The ultimate accident year 2007 combined loss and expense ratio is estimated to be 87 percent, the fifth consecutive acciedent year with combined ratios estimated to be below 100 percent.
-WCIRB estimates that total statewide ultimate losses on all injuries that occurred on or before Dec. 31, 2007, are approximately $6.9 billion less than the amounts reported by insurers.
To read the report and additional information on indemnity claim frequency, average cost of indemnity claims and loss ratios, visit www.wcirbonline.org.
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