Economic expansion and wage growth contributed to rising premiums and average indemnity claim severity in California, according to the Workers’ Compensation Insurance Rating Bureau’s 2024 State of the System report.
The WCIRB reports that premium levels increased by 1% to $15.9 billion in 2023 from $15.7 billion in 2022. Written premium is forecast to increase modestly in 2024 to $16.2 billion, driven by continued economic expansion, the WCIRB said.
At the same time, WCIRB reports that average indemnity costs continue to climb, primarily as a result of increases in average wage l...
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