Direct written premium fell 7% to a five-year low of $11.42 billion in 2019, the California Workers’ Compensation Institute reported in a bulletin published Tuesday.
At the same time, State Compensation Insurance Fund reclaimed its spot as the largest carrier in California in terms of market share last year.
CWCI said the $863 million drop in total direct written premium from 2018 to 2019 is the result of carriers charging less for coverage. The average charged rate per $100 of payroll was $2 in 2019. It was $2.26 in 2018 and $2.97 in 2014.
“Charged rates have continued to d...
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