{"id":22239,"date":"2024-07-31T17:12:32","date_gmt":"2024-07-31T17:12:32","guid":{"rendered":"https:\/\/www.insurancejournal.com\/?p=786415"},"modified":"2024-07-31T17:12:32","modified_gmt":"2024-07-31T17:12:32","slug":"report-1q-2024-california-workers-comp-written-premium-3-lower-than-year-ago","status":"publish","type":"post","link":"https:\/\/blog.lifeinsurance-orleans.ca\/index.php\/2024\/07\/31\/report-1q-2024-california-workers-comp-written-premium-3-lower-than-year-ago\/","title":{"rendered":"Report: 1Q 2024 California Workers\u2019 Comp Written Premium 3% Lower Than Year Ago"},"content":{"rendered":"<p><img decoding=\"async\" src=\"https:\/\/www.insurancejournal.com\/app\/uploads\/2024\/04\/back-pain-580x387.jpeg\"><\/p>\n<div><img decoding=\"async\" src=\"https:\/\/www.insurancejournal.com\/app\/uploads\/2024\/04\/back-pain-scaled.jpeg\" class=\"ff-og-image-inserted\"><\/div>\n<ul class=\"nav nav-tabs tabs tabs-entry\">\n<li class=\"active\"><a href=\"https:\/\/www.insurancejournal.com\/news\/west\/2024\/07\/31\/786415.htm\">Article<\/a><\/li>\n<li><a href=\"https:\/\/www.insurancejournal.com\/news\/west\/2024\/07\/31\/786415.htm?comments\" rel=\"nofollow\">0 Comments<\/a><\/li>\n<\/ul>\n<div class=\"article-content clearfix\">\n<p>Written premium for the first quarter of 2024 was 3% lower than the first quarter of 2023, while written premium in 2023 was slightly above 2022, according to the Workers\u2019 Compensation Insurance Rating Bureau of California.<\/p>\n<p>The WCIRB released its <a href=\"https:\/\/elink.clickdimensions.com\/c\/7\/eyJhaSI6NDA3NDQ4NzcsImUiOiJkamVyZ2xlckBpbnN1cmFuY2Vqb3VybmFsLmNvbSIsInJpIjoibGVhZC1lZDIxMDk3NDBhNTNlNDExYWFmNGYwOTIxYzE5MDM0Yy1iN2RkZmE4YjE1Zjk0M2JjOTE4ZTNjNzRlNTM2MTQ0YiIsInJxIjoiMDItYjI0MjEyLTRhMzlkZDZjM2UwYTQ4ODY4NzNmMTEwMmNkZDdmOTM5IiwicGgiOm51bGwsIm0iOmZhbHNlLCJ1aSI6IjIiLCJ1biI6IiIsInUiOiJodHRwczovL3d3dy53Y2lyYi5jb20vd2NpcmItZG9jdW1lbnQvd2NpcmItcXVhcnRlcmx5LWV4cGVyaWVuY2UtcmVwb3J0LW1hcmNoLTMxLTIwMjQ_X2NsZGVlPTA2S0lDTVVYSDRIX1FadHhDYmdEdjFvYm5QRVZtTTZkNnRTZEtWTHZfd2M3Rml6ZldkUWFiM1dCMFlNbnBUdkxiM1JYZlZMMzZyU0oxcEFXUkdkdEh3JnJlY2lwaWVudGlkPWxlYWQtZWQyMTA5NzQwYTUzZTQxMWFhZjRmMDkyMWMxOTAzNGMtYjdkZGZhOGIxNWY5NDNiYzkxOGUzYzc0ZTUzNjE0NGImdXRtX3NvdXJjZT1DbGlja0RpbWVuc2lvbnMmdXRtX21lZGl1bT1lbWFpbCZ1dG1fY2FtcGFpZ249V0NJUkIlMjBXaXJlJTIwU3RvcmllcyZlc2lkPWZkMjFlNTUwLWI1NGUtZWYxMS1hMzE3LTAwMGQzYTllOWVlYiJ9\/f-bBLlO4IojN3_BB6MkfiA\">Quarterly Experience Report<\/a>, an update on California statewide insurer experience valued as of March 31, 2024.<\/p>\n<div class=\"bzn bzn-sized bzn-intext\">\n<ins data-revive-zoneid=\"79\" data-revive-topics=\"trends,workers-comp\" data-revive-companies data-revive-block=\"1\" data-revive-id=\"36eb7c2bd3daa932a43cc2a8ffbed3a9\"><\/ins> <\/div>\n<p>Highlights of the report include:<\/p>\n<ul>\n<li>The average charged rate for the first quarter of 2024 is 1% lower than the first quarter of 2023 and the lowest in decades.<\/li>\n<li>The projected combined ratio increased by 2 points in accident year 2023, driven by increases in average claim severities offsetting premium increases.<\/li>\n<li>The average charged rate for 2023 continues to decrease. It was 5% lower than 2022 and the lowest in decades. The estimated average charged rate for the first three months of 2024 was 1% lower than 2023.<\/li>\n<li>Over the long term, declining claim frequency and increasing wage levels have offset rising medical costs and increases in indemnity benefits, resulting in decreases in average charged rates.<\/li>\n<\/ul>\n<p>The WCIRB proposed a 0.9% advisory pure premium rate increase for September 1, 2024. California Insurance Commissioner Ricardo Lara <a href=\"https:\/\/www.insurancejournal.com\/news\/west\/2024\/07\/12\/783701.htm\">issued a decreased pure premium rate<\/a>, lowering the annual benchmark rate from $1.41 to $1.38 per $100 of payroll\u2014representing a 2.1% percent decrease from last year.<\/p>\n<p class=\"tagtag\"> <span class=\"tagtag\">Topics<\/span> <a href=\"https:\/\/www.insurancejournal.com\/location\/california\/\" class=\"btn btn-sm btn-primary tagtag\">California<\/a> <a href=\"https:\/\/www.insurancejournal.com\/trends\/\" class=\"btn btn-sm btn-primary tagtag\">Trends<\/a> <a href=\"https:\/\/www.insurancejournal.com\/workers-comp\/\" class=\"btn btn-sm btn-primary tagtag\">Workers&#8217; Compensation<\/a> <\/p>\n<\/p><\/div>\n<div class=\"article-poll\" data-post=\"786415\">\n<div class=\"article-poll-vote\">\n<p>Was this article valuable?<\/p>\n<\/p><\/div>\n<div class=\"article-poll-feedback voted-no\">\n<form class=\"feedback-form\">\n<p>Thank you! 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Please tell us what you liked about it.<\/p>\n<p> <textarea placeholder=\"Enter your feedback...\"><\/textarea> <button type=\"submit\" class=\"submit\" disabled>Submit<\/button> <button class=\"cancel\">No Thanks<\/button> <\/form>\n<\/p><\/div>\n<div class=\"article-poll-more-articles\">\n<p class=\"thank-you-text\">Here are more articles you may enjoy.<\/p>\n<\/p><\/div>\n<\/p><\/div>\n<div class=\"subscribe-banner subscribe-banner-in-content-2\">\n<div class=\"content\">\n<h4>Interested in <em>Trends<\/em>?<\/h4>\n<p>Get automatic alerts for this topic.<\/p>\n<\/p><\/div>\n<\/p><\/div>\n","protected":false},"excerpt":{"rendered":"<p>Article 0 Comments Written premium for the first quarter of 2024 was 3% lower than the first quarter of 2023, while written premium in 2023 was slightly above 2022, according to the Workers\u2019 Compensation&#46;&#46;&#46;<\/p>\n","protected":false},"author":1,"featured_media":22240,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":[],"categories":[],"tags":[982,1,302,9,124,44],"jetpack_featured_media_url":"https:\/\/blog.lifeinsurance-orleans.ca\/wp-content\/uploads\/2024\/07\/report-1q-2024-california-workers-comp-written-premium-3-lower-than-year-ago.jpg","_links":{"self":[{"href":"https:\/\/blog.lifeinsurance-orleans.ca\/index.php\/wp-json\/wp\/v2\/posts\/22239"}],"collection":[{"href":"https:\/\/blog.lifeinsurance-orleans.ca\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/blog.lifeinsurance-orleans.ca\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/blog.lifeinsurance-orleans.ca\/index.php\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/blog.lifeinsurance-orleans.ca\/index.php\/wp-json\/wp\/v2\/comments?post=22239"}],"version-history":[{"count":0,"href":"https:\/\/blog.lifeinsurance-orleans.ca\/index.php\/wp-json\/wp\/v2\/posts\/22239\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/blog.lifeinsurance-orleans.ca\/index.php\/wp-json\/wp\/v2\/media\/22240"}],"wp:attachment":[{"href":"https:\/\/blog.lifeinsurance-orleans.ca\/index.php\/wp-json\/wp\/v2\/media?parent=22239"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/blog.lifeinsurance-orleans.ca\/index.php\/wp-json\/wp\/v2\/categories?post=22239"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/blog.lifeinsurance-orleans.ca\/index.php\/wp-json\/wp\/v2\/tags?post=22239"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}