Moore: Golden State's Economic Impact on Workers' Comp

Monday, December 11, 2023 | 0

I viewed the WCIRB California Economic Impact on Workers' Comp presentation on Wednesday. I miss the in-person presentations.

James Moore

The Workers' Compensation Insurance Rating Bureau needed only 20 minutes to cover the subject. Thanks to the moderator and presenters, as brevity is best, no death by PowerPoint was experienced. 

How many of us have sat through an hour or more of graphs that could have been presented in 30 minutes or have experienced a rushed presentation with 50 slides? Dr. Bob Hartwig is the exception.

The prior unemployment levels indicated that the unemployment rate was higher in 2010 than during the pandemic. 

Why cover the California impact on workers' Comp as a standalone?

The WCIRB is the second largest rating bureau, behind the National Council on Compensation Insurance. I had said that what happens in California will be coming to your state. 

In this case, that is not necessarily true. Think of this article as a second opinion. NCCI covers most states (40 ). The WCIRB covers the largest single-state economy. If California were its own country, it would rank as the fifth-largest economy in the world.

The California economic impact on workers' comp seemed to be more influential in 2010 than presently.

The webinar link is here. 

This blog post is provided by James Moore, AIC, MBA, ChFC, ARM, and is republished with permission from J&L Risk Management Consultants. Visit the full website at www.cutcompcosts.com.