Workers’ comp medical costs showed a sharp uptick in 2024, and the news is worrisome for the industry. Payments for all medical services increased by 12% per claim, but several cost categories were growing much faster than others. Actuaries for workers’ comp insurers and the Workers’ Compensation Insurance Rating Bureau discussed the latest trends as …
The Workers’ Compensation Insurance Rating Bureau says that through the first six months of the year, written premium is down 2% to roughly $8.3 billion compared to $8.5 billion at the same point in 2023. Charged rates, however, are up a similar amount. The Bureau is a private organization with quasi-governmental responsibility. It is financially …
The Workers’ Compensation Insurance Rating Bureau’s Classification and Rating Committee received a briefing on the Bureau’s plans to develop advisory pure premium rates and expected loss rates (ELRs) extending to three decimal places. The change is under consideration to make it easier to adjust rates for low-hazard, low-rate classifications without running afoul of the 25% …
The California workers’ comp industry is on pace to see written premium exceed pre-pandemic levels this year. Higher wages and payroll growth are driving the increase. Through the first six months of the year carriers wrote some $8.5 billion in workers’ comp premium. The full year rate would put the industry at $17 billion, which …
According to a new report on the industry’s finances, California workers’ compensation carriers saw their loss and expense ratio tick up two points to 98.1% last year. The industry’s pretax underwriting profit declined for the fourth year to just 1.3% (see top chart on page 8). The results do not contemplate the investment income carriers …
Attorneys for the State Compensation Insurance Fund and the nurse staffing firm ReadyLink are back in court as part of a decade-long dispute over alleged per diem payments which State Fund categorizes as payroll. The oft-delayed jury trial opened last week with the attorneys facing off over pretrial motions to exclude various evidence from a …
Insurance Commissioner Ricardo Lara rejected the insurance industry’s call for an average workers’ comp rate hike of 7.6% for rates as of September 1st, 2022. Instead, he ordered the Workers’ Compensation Insurance Rating Bureau to keep the average where it was. But the reality for many employers is quite the opposite. Literally, hundreds of class …
Below you will see a set of charts, by industry sector and class, showing which classes are going up or down. Agriculture Sector 11 Mining Sector 21 …