The Workers’ Compensation Insurance Rating Bureau of California (WCIRB) has released its Quarterly Experience Report. This report is an update on California’s statewide insurer experience valued as of June 30, 2024.
Highlights of the report include:
- The written premium in 2023 is slightly above 2022, while the written premium for the first six months of 2024 is 2 percent lower than the first six months of 2023.
- The average charged rate for the first six months of 2024 is 2 percent higher than 2023, suggesting the recent rate declines are flattening.
- Following five consecutive increases, the projected combined ratio, including COVID-19 claims, has changed modestly since the accident year 2021.
The full report is in the Research Studies and Reports section of the WCIRB website and at the following link:
Conclusion
The WCIRB’s Quarterly Experience Report provides valuable insights into California’s workers’ compensation landscape as of June 30, 2024. While written premiums have shown slight fluctuations, the increase in average charged rates indicates a stabilizing market. As the industry adapts to ongoing challenges, including the effects of COVID-19 claims, this report serves as a critical resource for insurers and stakeholders seeking to navigate the evolving dynamics of workers’ compensation in California.