It Figures

$28.2 Billion

Amount insurers contributed to California’s gross state product in 2006, according to a report by the Insurance Information Institute. The report also noted insurers accounted for nearly 300,000 jobs in the state. Property and casualty insurers provided approximately 300,000 jobs in California, accounting for $21.4 billion in compensation. And, in 2007, property and casualty insurance claims payments totaled $30.7 billion in California.

24.4%

The pure premium rate increase recommended by the Workers’ Compensation Insurance Rating Bureau of California. WCIRB submitted its filing to the California Department of Insurance (CDI) recommending the increase be effective July 1, 2009, for new and renewal policies. The organization said 17.6 percent of the 24.4 percent rate increase is due to worsening loss development in the workers’ compensation insurance line, primarily due to high medical costs; and 5.8 percent is an estimate of the impact of recent Workers’ Compensation Appeals Board decisions (Ogilvie v. City and County of San Francisco, Almaraz v. Environmental Recovery Services and Guzman v. Milpitas Unified School District).

15

Number of American International Group (AIG) bonus recipients who have agreed to give them back in full, according to New York Attorney General Andrew Cuomo, who is probing into $165 million in executive pay at the troubled company bailed out by the U.S. government. Cuomo said he hopes to recoup $80 million of bonus payments made, or about half of the $165 million paid on March 15. (Reuters)

3%

Amount of decline commercial insurance prices saw during the fourth quarter of 2008 compared to the same quarter a year ago — representing the smallest reduction in the past eight quarters — according to Towers Perrin’s most recent commercial lines insurance pricing and profitability trends survey (CLIPS). Fourth quarter CLIPS findings indicate that product lines and market segments experiencing the greatest reductions in pricing over the last few years — most notably workers’ compensation, property and large accounts — may have begun to stabilize.

Topics California Workers' Compensation