Report: California Workers’ Comp Written Premium Down in 2020 May 13, 2021
Written premium for 2020 was 13% below the previous year, and was at the lowest since 2012, a new report out on Thursday shows.
The Workers’ Compensation Rating Bureau of California Quarterly Experience Report, which is as of Dec. 31, 2020, portrays the far-reaching effects of the pandemic on the state’s workforce, employers and workers’ comp insurers.
“Continued decreases in average insurer charged rates are driving the 2020 premium decrease as 2020 payroll levels were relatively consistent with 2019,” the WCIRB report states.
The average industry charged rate for 2020 was 9% below 2019 and 40% below the peak in 2014.
The WCIRB’s proposed Sept. 1, 2021 advisory pure premium rates are on average 2.7% above the approved Jan. 1, 2021 rates, which exclude the cost of COVID-19 claims, and 2.0% below the approved Jan. 1, 2020 rates.