Combined Ratio Climbs Past Pre-Reform Highs

California's combined loss and expense ratio for 2024 was higher than it has been in more than 20 years as a result of higher claim frequency and expenses and modest changes in earned premiums, according to the latest quarterly experience report by the Workers' Compensation Insurance Rating Bureau. The combined ratio increased 13 percentage points last year to 127%, clearing the pre-SB 863 high of 125% set in 2009. The combined ratio for 2024 is higher than any year of the current millennium except 2001, when it was 145%. "Combined ratios have been above 110% for the past four y...