Posted on 19 May 2011
California Workers’ Compensation Institute (CWCI) reported that total premiums for workers compensation insurance in the state increased nearly 3% to $7.1 billion in 2010, reflecting the first spike in total premiums in five years.
Using data compiled by the National Association of Insurance Commissioners (NAIC), the CWCI said that the $7.1 billion in 2010 workers comp premiums compares with $6.9 billion in 2009.
Total premiums in California’s workers compensation system peaked at $16.1 billion in 2004.
CWCI also said workers compensation losses totaled $5 billion in 2010 compared with $4.6 billion in 2009, and the loss ratio for California-licensed workers comp insurers climbed to 72.49% from 68.52%.