Economic Recovery Helps Drive 14% Increase in Premiums

California workers’ compensation premium levels increased 14% in 2022 as a result of the economic recovery following the pandemic, according to the Workers’ Compensation Insurance Rating Bureau. The WCIRB said in its 2023 State of the System report that continued economic expansion and a flattening of insurer charged rates should push premiums above the pre-pandemic level in 2023. Reported written premium was $15.7 billion in 2022, up from $13.8 billion in 2021. The WCIRB is forecasting that written premium for 2023 will hit $16.4 billion. The WCIRB said the premium growth was t...