The Workers’ Compensation Insurance Rating Bureau of California projected a 2024 accident year combined ratio of 123%, 10 percentage points higher than the year before and the highest ratio in 14 years.
The increase in 2024 was driven by higher claim frequency, average loss and loss adjustment expense costs, and modest changes in earned premium, the WCIRB said in its fourth quarter experience report.
“Combined ratios have been at 110% or higher for the past four years,” the report says. “The last time combined ratios were over 100% for a sustained period was before th...
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