Written premium for 2020 was $1.9 billion, or 12%, below 2019, and was at its lowest since 2012, a new report out from the Workers’ Compensation Insurance Rating Bureau shows.
WCIRB’s quarterly experience report as of Sept. 30 also shows written premium for the first nine months of 2021 was 3% below the first nine months of 2020.
“The WCIRB estimates written premium for the full calendar year of 2021 to be consistent with 2020,” the report states.
The average charged rate for the first nine months of 2021 was 6% below the rate for 2020, the lowest in decades.
The California Insurance Commissioner has approved eleven consecutive advisory pure premium rate decreases totaling over 50%.
The WCIRB submitted a filing to the CDI in April that is on average 2.7% above the average approved Jan. 1, 2021 advisory pure premium rates.
The projected loss ratio for 2020, including COVID-19 claims, is 6 points above 2019, while the projected loss ratio for accident year 2020, excluding COVID-19 claims, is 2 points higher than 2019, according to the WCIRB report.
The full report is in the research section of the WCIRB website.
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