View this article online: https://www.claimsjournal.com/news/west/2008/09/26/94083.htm
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.
Source: WCIRB