July 24, 2019 by WorkCompWire
Oakland, CA – The Workers’ Compensation Insurance Rating Bureau of California (WCIRB) recently released its 2019 State of the System report highlighting key metrics of the California workers’ compensation system.
Top findings in the report include:
- Insurance premiums are declining as continued rate decreases more than offset the impacts of continued economic growth.
- Despite recent rate decreases, California premium rates remain high compared with other states.
- Overall claim frequency in California has remained relatively flat, although the frequency of cumulative trauma claims continues to grow particularly in the Los Angeles Basin and San Diego areas.
- Recently, claim severities have begun to increase after a number of years of relatively flat to declining claim severities following the Senate Bill No. 863 reforms.
- Frictional costs in California are the highest in the country.
- Statewide combined loss and expense ratios continue to be well below 100 percent and have recently been lower than in other states.
The full report is available in the Research section of the WCIRB website and here: 2019 WCIRB Report on California’s Workers’ Compensation System (PDF)
WCIRB Research Forum Webinar
David Bellusci, Executive Vice President and Chief Actuary at the WCIRB, will conduct a live webinar to discuss the report findings and answer questions.
2019 Report on the State of the California Workers’ Compensation Insurance System
Wednesday, July 31, 2019, 10:00 – 11:00 AM PST
Register for the webinar
Source: CA WCIRB