Report: Comp Carriers Issue $82.7M in Premium Refunds Due to COVID-19

Workers’ compensation carriers returned at least $82.7 million in aggregate premium refunds to California businesses in response to the COVID-19 pandemic, according to an analysis by actuarial consulting firm Perr & Knight. Perr & Knight reviewed data reports that California Insurance Commissioner Ricardo Lara required as part of his orders directing carriers to return premiums and find other ways to help businesses during the pandemic. Lara ordered carriers to provide premium adjustments for March, April and May in six insurance lines, including work comp. He has also instruct...