The Workers’ Compensation Insurance Rating Bureau of California (WCIRB) has released its Quarterly Experience Report. This report is an update on California statewide insurer experience valued as of September 30, 2024.
Highlights of the report include:
- Written premium in 2023 is slightly above 2022, while written premium for the first nine months of 2024 is 1 percent higher than the first nine months of 2023.
- The average charged rate for the first nine months of 2024 is 1 percent higher than 2023, suggesting the recent rate declines are flattening.
- Allocated loss adjustment expense severity increased significantly in 2023, in part driven by increased post-pandemic defense costs.
The full report is in the Research Studies and Reports section of the WCIRB website and at the following link: