CWCI: Direct Written Premium Up 11.7% in 2022

Job creation and rising wages drove up covered wages enough to offset a decrease in average charged rates as total direct written premium increased about 11.7% from 2021 to 2022, the California Workers’ Compensation Institute reported. CWCI said in a Bulletin released Friday that total direct written premium for 2022 was $11.6 billion, compared to $10.4 billion in 2021. The average charged rate fell 7% to $1.68 per $100 of payroll last year, but CWCI said payroll growth drove up covered wages and with it total direct written premium. At the same time, CWCI reported market share inform...