The California Workers’ Compensation Institute reports that ongoing wage growth more than offset a decrease in charged rates to help boost direct written premium for a third year in a row.
Aggregate premium increased to $11.8 billion in 2023 — the highest level since 2018 — from $11.6 billion in 2022, CWCI said in a bulletin published Friday.
Data from the Workers’ Compensation Insurance Rating Bureau shows that average charged rates fell 4.2% to $1.60 per $100 of payroll in 2023 from $1.67 in 2022. Average charged rates are down about 50% from $3.19 in 2014, the last...
Comments