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.