Written premium in 2022 was 14% higher than 2021 and almost at the pre-pandemic level – an increase was driven by higher employee wage levels and the economic
Recovery, according to a new report out on Wednesday from the Workers’ Compensation Insurance Rating Bureau.
The WCIRB in its Quarterly Experience Report found written premium through the second quarter of 2023 of $8.5 billion was 4.1% higher than the same period in 2022.
The average charged rate for the first six months of 2023 continued to decrease, putting 3% lower than 2022 and the lowest in decades. In its Sept. 1, 2023 pure premium rate filing, the WCIRB proposed an average 0.3% increase in advisory pure premium rates. The insurance commissioner approved an average 2.6% decrease in advisory pure premium rates.
After five consecutive increases, the projected loss ratio, including the cost of COVID-19 claims, dropped 3 points in accident year 2022, according to the report.
Was this article valuable?
Here are more articles you may enjoy.
Let Good Adjusters, Not Expensive Lawyers, Make the Difference on Claims, CEO Says 
Workers Sue Disney, Say They Were Wrongly Induced to Move to Florida 
Big ‘I’ Report: Independent Agency Channel Placed 62% of Premiums in 2023 
BlackSuit Cybercrime Gang Blamed in CDK Hack That Roiled Car Dealers 
